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Amazon shares climb after better-than-expected Q3 revenue


Amazon beat third-quarter revenue estimates on Thursday as high interest rates failed to deter consumers from spending on its e-commerce platform for everything from groceries to electronics.

Shares of the online retailer and cloud major rose about 5% in extended trading.

Amazon Web Services brought in revenue of $23.1 billion, compared with analysts’ expectations of $23.09 billion.


Amazon’s total revenue rose 13% to $143.1 billion
REUTERS

The beat underscores how the tech giant’s dominant position in the sector is helping it overcome challenges in a tough market.

Overall revenue in the third quarter rose 13% to $143.1 billion.

Analysts on average expected revenue of $141.41 billion, according to LSEG data.


Amazon CEO Andy Jassy
Amazon — whose CEO is Andy Jassy — forecast Q4 revenue in the range of $160 billion and $167 billion.
REUTERS

CEO Andy Jassy’s company forecast current-quarter revenue in the range of $160 billion and $167 billion.

Analysts polled by LSEG were expecting revenue of $166.62 billion.

Net income rose to $9.9 billion in the third quarter from $2.87 billion, a year earlier.



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