Amazon reports quarterly revenue above estimates

Amazon beat third-quarter revenue estimates on Thursday as high interest rates failed to deter consumers from spending on its ecommerce platform for everything from groceries to electronics.

Shares of the online retailer and cloud major rose about 5 per cent in extended trading.

Amazon Web Services (AWS) brought in revenue of $23.1 billion (€21.9 billion), compared with analysts’ expectations of $23.09 billion. The overshoot underscores how the tech giant’s dominant position in the sector is helping it overcome challenges in a tough market.

Overall revenue in the second quarter rose 13 per cent to $143.1 billion. Analysts on average expected revenue of $141.41 billion, according to LSEG data.

The company forecast current-quarter revenue in the range of $160 billion and $167 billion. Analysts polled by LSEG were expecting revenue of $166.62 billion.

Net income rose to $9.9 billion in the third quarter from $2.87 billion, a year earlier.

Amazon employs some 5,000 staff in Ireland, mostly within AWS. – Reuters

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