Amazon.com, Inc. (AMZN) Q3 2017 Revenue Jumps 34%

AMZN shares jumped more than 7% after hours

Amazon.com, Inc. (NASDAQ:AMZN) posted its third-quarter results Thursday afternoon.

Amazon.com, Inc. (AMZN)
Source: Shutterstock

The company reported its earnings after the market closed, which saw AMZN shares soar on the e-commerce retailer’s impressive results. Earnings came in at 52 cents per share, which was in line with the year-ago mark.

Revenue was a strong point for Amazon, coming in at $43.7 billion, ahead of the $42.19 billion that analysts were calling for, and ahead of the year-ago mark by 34%. One of the most important elements of the period was the acquisition of Whole Foods, which saw the retailer take over a segment of the grocery industry.

Prime Day was important for the company as it helped retail growth to increase, especially in international markets, according to the company’s CFO. Amazon Web Services is the strongest segment of the retailer, growing 42% year-over-year and amounting to 11% of the company’s total revenue.

The cloud computing unit is also growing at a fast rate for the retailer, surging to $4.6 billion in the period, ahead of the $3.2 billion from a year ago.

Amazon predicts that it will rake in between $56 billion and $60.5 billion in sales during its fourth quarter, which marks a growth of between 28% and 38% for the period. The forecast is fueled by the Whole Foods acquisition, as well as a favorable foreign exchange rate.

Operating income is slated to be between $300 million and $1.65 billion, compared with $1.3 billion in the year-ago quarter.

AMZN shares soared 7.6% after the bell.


Article printed from InvestorPlace Media, https://investorplace.com/2017/10/amazon-com-inc-amzn-4/.

©2019 InvestorPlace Media, LLC