Amazon Stock Jumps on Earnings Beat. Cloud Results Were Just Okay.

📆 26/10/2023 21:17:00
📰 MarketWatch

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Results for the closely watched AWS cloud segment were basically in line with analyst expectations.

Amazon shares rose in late trading Thursday after the company posted better-than-expected financial results for the September quarter.

For Amazon , the keys to the quarter will be a combination of continued recovery in its flagship online stores business along with an expected rebound in the growth rate for Amazon Web Services, the company’s cloud computing business, and continued strength in its advertising arm. For the September quarter, analysts’ consensus estimates call for Amazon to post overall sales of $141.5 billion, up 11% from a year ago, with profits of 58 cents a share, versus 28 cents in the year-earlier quarter. That includes an expected 6.5% increase in the online stores business to $57 billion. As tracked by FactSet, Street estimates call for third-party seller services revenue to grow 16.7% to $33.4 billion, with subscription services growing 13.5% to $10.1 billion.

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