Thursday, August 3, 2023

Earnings: Big Beat For Amazon, Stock Pops 7% (AMZN)

From Seattle's own, GeekWire, August 3:

Amazon stock jumps 6% after Q2 earnings beat estimates with $134.4B in revenue

Amazon shares were up more than 6% in after-hours trading Thursday after the Seattle tech giant topped analyst expectations for both profits and revenue.

Amazon reported $134.4 billion in first quarter revenue, up 11% year-over-year. Net income was $0.65 per share, or $6.7 billion.

Wall Street analysts expected revenue of $131.5 billion and earnings of 35 cents a share.

Operating income came in at $7.7 billion, up from $3.3 billion in the year-ago quarter and well above the high end of analyst estimates and the company’s guidance.

Amazon’s cloud computing business reported revenue of $22.1 billion, up 12% from the year-ago period, but down from a growth rate of 33% a year earlier, part of a trend of slowing growth in the market-leading public cloud platform during the past year.

Microsoft and Google both posted strong cloud results in their earnings reports last week, benefitting in part from early interest in infrastructure and services to help corporate customers develop generative AI applications....


The stock is currently changing hands at $138.16 up $9.25 (+7.18%)