Amazon Q3 earnings top expectations

Amazon Q3 earnings top expectations

Amazon Q3 earnings top expectations

Admittedly this includes around $1.3 billion of sales from the Whole Foods Market acquisition, but even excluding this, sales were still up by an above average 29.8%.

Amazon's net income for the quarter was $256 million, up from $252 million in the year-ago quarter.

But Whole Foods Market's integration during the quarter didn't stop the new business from contributing operating income to Amazon's overall business.

The street was pleased with Amazon's Q3 results, sending shares 7 per cent higher after the company beat analyst expectations. The e-commerce and cloud computing giant crushed Wall Street's expectations and its own guidance across the board.

"Advertising revenue continues to grow very quickly and its year-over-year growth rate is actually faster than the other revenue line item that you see there [59 per cent]", Olsavsky said. Meanwhile, Amazon's worldwide e-commerce business fared even worse, losing $936 million during the quarter. Management had guided for third-quarter operating income to be between a loss of $400 million and a gain of $300 million. But Amazon Web Services' operating income was close to $1.2 billion, up from $861 million in the year-ago quarter.

The arrival of a simple monetization feature will likely draw in big name developers with original titles which would help cement Amazon's role as the leading voice digital assistant platform, with the company able to offer monetization options, reach and engagement, a combination not available on any other platform.

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In addition, Bezos said active customers on Alexa-enabled devices are up five times over the same period past year.

An Amazon Echo Dot is displayed during a program announcing several new Amazon products by the company, in Seattle.

Amazon's early Whole Foods initiatives included price reductions, selling whole Foods products on and installing Amazon Lockers at Whole Foods locations to drive foot traffic.

One big question ahead of Amazon's third-quarter report was whether the Whole Foods acquisition would impair profitability.

With numbers like these, it's no surprise Amazon stock traded higher in after-hours trading following the company's third-quarter earnings release. The announcement solicited 238 bids from cities across the continent, but HQ2's potential employment represents less than 10 percent of today's total workforce, and who knows how many people Amazon will employ when it starts building HQ2 in 2019 or when it finishes up eight to 10 years later. "These are not dramatic, but they are a step in the right direction and show that Amazon's approach is being noticed by consumers".

Amazon now pays developers out of its own pocket to create the skills, which Echo users are then able to download and install onto their Alexa at no charge.

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