Big profit beat weighs against slight shortfall in cloud sales
Amazon.com Inc. soothed jittery investors with a massive beat on earnings despite quarterly cloud sales that came up slightly short, initially sending its shares up 4% in after-hours trading Thursday.
Equally important, operating income increased to $11.2 billion in the third quarter, compared with $2.5 billion in the same quarter last year. In the days leading up to the quarterly earnings report, analysts were keenly focused on the performance of Amazon’s online-shopping business and whether Amazon Web Services’ growth reignited as the market leader.
Amazon’s advertising business racked up sales of $12.1 billion, up from $9.6 billion a year ago. Analysts had predicted $11.6 billion. The performance paralleled a bounce back in digital advertising for Alphabet, Facebook parent Meta Platforms Inc. META, -3.73% and Snap Inc. SNAP, +1.20%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Big East media day: Rick Pitino's vision, Ed Cooley's big move, UConn disrespected?Rick Pitino and Ed Cooley get set to lead new programs, while reigning national champion UConn was picked to finish third in the conference. Here are the top storylines from Big East media days!
Read more »
Fears of a climate calamity lurk in Big oil's big dealsMassive mergers in the oil and gas sector may signal a retreat from the energy transition.
Read more »
‘Bad Blood’: The Beef Behind Taylor Swift’s Best, Most Dramatic VideoSwift was never known for her music videos—until this big-budget, big-name, big-beef audiovisual event came along.
Read more »
Amazon: Cloud Takes Center Stage Ahead of Keenly-Anticipated Q3 EarningsStocks Analysis by Investing.com (David Wagner) covering: Amazon.com Inc, Amazon.Com, Amazon.com Inc BDR, BNP PARIBAS ARBITRAGE ISSUANCE BV Put 1784.62 USD AMAZON 31Dec99. Read Investing.com (David Wagner)'s latest article on Investing.com
Read more »
Amazon's cloud group becomes more profitable but misses on top lineAmazon Web Services is becoming more profitable than it’s been in two years.
Read more »
Amazon's cloud group becomes more profitable but misses on top lineAmazon Web Services is becoming more profitable than it's been in two years.
Read more »