Amazon.com ‘s stronger-than-expected third-quarter net income came partly thanks to Rivian Automotive, though the results were solid even after removing the impact of Rivian’s stock volatility.
Citi analyst Ronald Josey wrote Friday that Amazon Web Services’ revenue was “better than feared” and retail was “resilient.” Amazon’s net income number includes a $1.2 billion gain on its roughly 160 million Rivian shares. Rivian stock opened the third quarter at $16.66 a share and closed it at $24.28. The $1.2 billion is the difference between those prices—$7.62—times the 160 million shares held.
Net of the gain, Amazon earned about $7.7 billion in the third quarter, still much better than Wall Street expected.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock Market News Today: Dow Opens Higher, Meta Stock Price Falls; Amazon Earnings in FocusLive updates on what's moving markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.
Source: WSJ - 🏆 98. / 63 Read more »
Stock Market News Today: Dow, Nasdaq Drop; Amazon Earnings in FocusLive updates on what's moving markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.
Source: WSJ - 🏆 98. / 63 Read more »
Stock Market News Today: Dow, Nasdaq Drop; Amazon Earnings in FocusLive updates on what's moving markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite.
Source: WSJ - 🏆 98. / 63 Read more »
Amazon stock swings after a great quarter underscore our golden rule during earnings seasonConcerns about AWS were quickly put to bed as the post-earnings conference call got underway and shares pushed higher again.
Source: CNBC - 🏆 12. / 72 Read more »
A bullish options trade on Amazon into earnings as the stock bounces off key supportWhen we look at a chart of AMZN, we see that it has recently formed a support level around $125 and recently bounced higher off that level.
Source: CNBC - 🏆 12. / 72 Read more »
Amazon Reports Earnings Today. What to Expect.Wall Street sees Amazon Web Services revenue improving 12.9% in the quarter to $23.2 billion.
Source: MarketWatch - 🏆 3. / 97 Read more »