{"id":36404,"date":"2023-10-26T20:28:25","date_gmt":"2023-10-26T20:28:25","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/best-profits-since-2021-but-projects-holiday-quarter-sales-to-fall-short-of-lofty-expectations\/"},"modified":"2023-10-26T20:28:27","modified_gmt":"2023-10-26T20:28:27","slug":"best-profits-since-2021-but-projects-holiday-quarter-sales-to-fall-short-of-lofty-expectations","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36404","title":{"rendered":"Best Profits Since 2021\u2014But Projects Holiday Quarter Sales To Fall Short Of Lofty Expectations"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Amazon beat Wall Street forecasts in its third-quarter earnings report released Thursday afternoon, as the West Coast e-commerce and software giant looks to return to its 2021 glory, though its projections for the key holiday period came in below expectations.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Amazon\u2019s $143.1 billion in revenue topped consensus analyst estimates of $141.5 billion, according to FactSet, while its $0.94 earnings per share smashed forecasts of $0.59.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Overall net income more than tripled year-over-year to $9.9 billion.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Crucially, Amazon said it expects revenues in its busiest fourth quarter to come in between $160 billion and $167 billion and operating profits to be between $7 billion and $11 billion.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The $163.5 billion midpoint projection for sales is below average analyst forecasts of $167.1 billion while the $9 billion midpoint operating income projection tops average analyst forecasts of $8.5 billion.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Amazon stock rose 4% to about $125 in limited trading after the earnings release.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>$23.1 billion. That\u2019s how much revenue Amazon\u2019s AWS cloud computing unit brought in last quarter, narrowly coming short of analyst estimates of $23.2 billion and last quarter\u2019s $22.1 billion of sales.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Tangent<\/h2>\n<p>The weaker than expected revenue for AWS, Amazon\u2019s heaviest artificial intelligence-facing segment, came during a week of unusually intense interest in cloud computing on Wall Street. Fellow tech titans Alphabet and Microsoft\u2019s Tuesday earnings reports painted very different pictures in the cloud, with Microsoft\u2019s growth in the division topping forecasts and Alphabet\u2019s falling short, causing the Google parent to notch its worst stock losses of 2023.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Amazon, Microsoft and Alphabet are three of the \u201cmagnificent seven\u201d tech stocks powering much of this year\u2019s market gains, banding together with Apple, Meta, Nvidia and Tesla. Shares of Amazon are up more than 40% this year but are still down about 30% from its 2021 all-time high thanks in part to the Seattle-based firm posting its first unprofitable year in nearly a decade last year. The company\u2019s roughly $16 billion in net income through the first nine months of 2023 put Amazon well on pace to turn a profit this year, though its windfall will likely fall well short of 2022\u2019s record $33 billion profit. Part of Amazon\u2019s recovering bottom line is due to the company laying off roughly 27,000 employees earlier this year.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/10\/26\/amazon-earnings-best-profits-since-2021-but-projects-holiday-quarter-sales-to-fall-short-of-lofty-expectations\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Amazon beat Wall Street forecasts in its third-quarter earnings report released Thursday afternoon, as the West Coast e-commerce and software giant looks to return to its 2021 glory, though its projections for the key holiday period came in below expectations. Key Facts Amazon\u2019s $143.1 billion in revenue topped consensus analyst estimates of $141.5 billion, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-36404","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Best Profits Since 2021\u2014But Projects Holiday Quarter Sales To Fall Short Of Lofty Expectations | Prosfunds<\/title>\n<meta name=\"description\" content=\"Topline Amazon beat Wall Street forecasts in its third-quarter earnings report released Thursday afternoon, as the West Coast e-commerce and software\" \/>\n<meta name=\"robots\" content=\"index, follow, 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