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Business News/ Companies / Company Results/  Amazon Q3 Results: Retail giant beats earnings estimates as revenue rises 13%
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Amazon Q3 Results: Retail giant beats earnings estimates as revenue rises 13%

Amazon’s revenue in the third quarter rose 13% to $143.1 billion as compared to average analysts expectations of $141.41 billion. Net income rose to $9.9 billion in the third quarter from $2.87 billion, a year earlier, Reuters reported.

Amazon Web Services’ revenue was at $23.1 billion, compared with analysts' expectations of $23.09 billion.Premium
Amazon Web Services’ revenue was at $23.1 billion, compared with analysts' expectations of $23.09 billion.

Amazon.com Inc. beat third quarter revenue estimates led by rising sales in its retail unit and significant cost cutting. 

Amazon’s revenue in the third quarter rose 13% to $143.1 billion as compared to average analysts expectations of $141.41 billion. Net income rose to $9.9 billion in the third quarter from $2.87 billion, a year earlier, Reuters reported.

The company forecast current-quarter revenue in the range of $160 billion and $167 billion.

Amazon CEO Andy Jassy said the company had a strong quarter as its advertising business grew robustly and it improved its delivery speed.

Also Read: Mastercard Q3 results: Revenue up 14% at $6.5 billion, Q4 growth forecast cut

“We had a strong third quarter as our cost to serve and speed of delivery in our Stores business took another step forward," said Amazon chief executive Andy Jassy, adding its ad business grew “robustly" and AWS cloud computing business “continued to stabilize."

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Amazon Web Services’ revenue was at $23.1 billion, compared with analysts' expectations of $23.09 billion. The cloud unit’s operating income was at $6.98 billion, about $1.3 billion more than analysts’ expectations. AWS reported the highest operating margin since the first quarter of 2022.

Also Read: Meta Q3 Results: Facebook parent beats revenue, profit estimates; shares fall on warning over macro uncertainty

Amazon said it will hire 250,000 full-time, part-time and seasonal employees in the US to handle shopping demand in the months ahead. It will also invest $1.3 billion to bump up the average hourly wage for delivery and fulfillment jobs to more than $20.50.

The company’s central online stores generated $57.3 billion, a 7% increase from the period a year earlier. Advertising sales jumped 26% to $12 billion. 

Amazon shares gained over 5% in extended trading on Thursday. The stock has increased 43% this year so far.

(With inputs from Agencies)

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Published: 27 Oct 2023, 08:05 AM IST
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