Amazon (AMZN) stock jumped in extended trading Thursday after the company reported better-than-expected third-quarter results driven by growth in its cloud and advertising businesses.
The company reported net sales of $158.9 billion, up 11% from the year-ago period and above the $157.3 billion Wall Street expected, according to analyst estimates compiled by Visible Alpha. Earnings per share (EPS) grew more than 50% to $1.43, beating analysts’ forecasts.
Revenue at Amazon Web Services, the company’s cloud computing unit, rose 19% to $27.4 billion, roughly in line with expectations. The division’s revenue growth has accelerated into the high teens this year after holding in the low teens in 2023.
Amazon forecast fourth-quarter net sales would fall within a range of $181.5 billion to $188.5 billion, the midpoint of which sat slightly below the $186.4 billion figure analysts were expecting, per Visible Alpha.
Amazon stock rose 6% in late trading on Thursday, after declining more than 3% …