Quentin D. Solano
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Quentin D. Solano in Breaking news,

Amazon revenue hits a record and calms investors’ fears

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Amazon crowed about a record Prime Day after earnings Thursday.

Amazon.com Inc.assuaged nerves about the impact of Whole Foods Inc. with record quarterly revenue, thanks to its Prime Day promotion and cloud-computing business. Amazon’s third-quarter results and holiday outlook surpassed investor expectations Thursday afternoon, as the company reported sales of $43.7 billion, topping last year’s holiday quarter by about $3 million. That performance was certainly a surprise, as holiday sales are hard to beat at Amazon and the total was more than $2 billion higher than analyst estimates. On top of that, this year’s fourth quarter looks like it will be an even bigger barnburner. Amazon AMZN, +7.19%  forecast revenue growth for the big holiday quarter from 28% to 38% on a year-over-year basis, compared with revenue growth of 22% in both 2016 and 2015. Amazon’s shares soared nearly 8% to $1,050 in after-hours trading. Its shares are up about 30% so far this year, compared with the Dow Jones Industrial Average  DJIA, +0.31%  which is up about 17% and the S&P 500 index, SPX, +0.13% up about 13% so far this year.