Amazon.com Inc (AMZN) reported a 29% rise in quarterly revenue on Thursday, boosted by a big jump in sales from its Prime Day annual shopping festival, strong back-to-school shopping and its market-leading cloud services business.
The world's biggest online retailer said its net sales rose to $32.71 billion in third quarter ended Sept. 30 from $25.36 billion a year earlier. Analysts had expected net sales of $32.69 billion, according to Thomson Reuters.
Amazon's net income rose to $252 million, or 52 cents per share, from $79 million, or 17 cents per share, a year earlier, marking the company's sixth straight profitable quarter.
Revenue from Amazon Web Services, the company's cloud services business, surged 55% to $3.23 billion, beating the average estimate of $3.19 billion, according to market research firm FactSet StreetAccount.
Amazon said in July that customers placed 60% more orders worldwide in its second Prime Day sale despite technical glitches but it did not provide sales figures at the time.
Excellent figures, I will add some more longs.
Interestingly, after market closed on Thursday shares plunged 6%, because 4Q forecast disappointed analysts. imho, we have a very good dip to buy.