Amazon.com, Inc. (AMZN) shares experienced a significant surge on Friday, following the company’s release of its third-quarter earnings report, which surpassed analysts’ expectations.
The e-commerce behemoth reported earnings per share (EPS) of $1.43, exceeding the consensus estimate of $1.14. Additionally, Amazon generated revenue of $158.9 billion, representing an impressive 11% year-over-year increase, surpassing analysts’ estimates of $157.20 billion.
This positive performance was driven by strong growth across all segments of the business. North American sales saw a 9% year-over-year increase, International sales climbed 12%, and Amazon Web Services (AWS), the company’s cloud computing division, witnessed a remarkable 19% rise in revenue.
Looking ahead, Amazon provided guidance for the fourth quarter of 2024, anticipating sales to fall between $181.5 billion and $188.5 billion. The company also expects operating income to range from $16 billion to $20 billion.
The positive earnings report sparked a flurry of activity among analysts, with multiple analysts issuing price target adjustments for Amazon shares.
At the time of writing, Amazon shares are trading 6.68% higher at $198.85, according to data from Benzinga Pro. This significant increase demonstrates the market’s confidence in Amazon’s continued growth trajectory, fueled by its robust performance and optimistic outlook.
