Amazon reported strong earnings and revenue growth in Q3, with focus on cost-cutting measures

From CNBC: 2024-10-31 12:00:01

Amazon is set to reveal third-quarter results after the bell. Analysts expect earnings of $1.14 per share and revenue of $157.2 billion, with Amazon Web Services at $27.5 billion. The company warned about a potential hit due to a busy news cycle, with revenue growth projected at 10% and operating income at $14.7 billion.

Amazon’s focus on cost-cutting has led to faster earnings growth. CEO Andy Jassy’s efforts include significant layoffs, a halt to the Amazon Today service, and a forecasted operating income of $14.7 billion. Wall Street has responded positively, with shares up 23% year-to-date.

Amazon’s annual Prime Day in July brought in record-breaking sales, boosting online spending in the U.S. to $14.2 billion. Analysts are eager for updates on Project Kuiper, a satellite internet service with an estimated investment of $10-20 billion. Amazon postponed its first full-scale Kuiper mission to early 2025.

Amazon will discuss results on a call at 5 p.m. ET. The media has not received an invitation to a post-earnings media call with CFO Brian Olsavsky. Tech earnings this week include Amazon, Apple, Alphabet, Microsoft, and Meta, with Google’s strong cloud results in focus.



Read more at CNBC:: Amazon (AMZN) Q3 earnings report 2024