Amazon (AMZN) reported third-quarter earnings late Thursday that beat Wall Street estimates by a wide margin as revenue jumped 37%. Amazon stock edged down in after-hours action.
The e-commerce giant reported adjusted earnings of $12.37 per share on revenue of $96.1 billion. Wall Street expected Amazon earnings of $7.48 on revenue of $92.8 billion.
Amazon sees Q4 revenue of $112 billion to $121 billion vs. consensus for $112.7 billion. But its operating income target of $1 billion to $4.5 billion is below some forecasts.
Shares fell about 1.5% in after-hours action on the stock market today. Amazon stock closed up 1.5% at 3,211.01 in Thursday’s regular trading session.
Revenue from Amazon Web Services jumped 29% to $11.6 billion, in line with expectations.
“We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season,” said Jeff Bezons, chief executive, in written remarks with the Amazon earnings announcement.
Amazon Stock Resistant To Covid-19
The company has demonstrated a resistance to Covid-19. As the infection rate of the coronavirus spread — shutting down businesses and forcing consumers to shelter at home — Amazon was well-positioned to benefit in the shifts in consumer behaviors and equally significant shifts in how companies conduct business.
The company was profiled as an IBD Stock Of The Day in mid-August.
Amazon stock is up about about 72% this year.
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Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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