Hey ho, here is another company earnings report for you. E-commerce giant Amazon was out with third quarter numbers last night. As expected, they delivered some eye-popping gains.
Revenue for the third quarter was $96.1 billion, which is a lot of money. The street forecast for profits was just $7.41 and Amazon posted $12.37. That's a big beat. Wonderful!
Amazon Web Services grew by 29%, delivering revenue of $11.6 billion (up from $10.8 billion in the second quarter). The margins in this business are very good. The Vestact website is hosted on AWS and they are great to work with.
I especially like Amazon's carefree attitude towards forecasting its future performance. They said that operating profit guidance for the 4th quarter would be somewhere between $1 billion and $4.5 billion. Kind of a wide range, not so? Hard to miss expectations with a forecast that wide.
It's obvious that e-commerce and online shopping is booming. It's not too late to buy Amazon shares. If you don't own them, you should rectify that as soon as possible.