Amazon shares pop on earnings beat, cloud growth
Publishing timestamp: 2024-11-01 16:30:06
Summary
Amazon reported better-than-expected earnings and revenue for the third quarter, driven by growth in its cloud computing and advertising businesses. The stock surged about 7% in extended trading. The company's focus on efficiency and cost-cutting has led to a 56% increase in operating income year over year. CEO Andy Jassy plans to spend about $75 billion on capital expenditures in 2024 to support the growing need for technology infrastructure. Despite strong growth in its cloud and advertising units, Amazon's revenue forecast for the current quarter fell slightly short of analyst estimates.
Sentiment: POSITIVE
Tickers: MSFT, META, GOOGL, SNAP, GOOG, AMZN, AAPL,
Keywords: amazon.com inc, breaking news: technology, microsoft corp, internet, apple inc, alphabet class c, breaking news: earnings, earnings, business news, alphabet inc, meta platforms inc, technology, snap inc, andrew jassy,
Source: https://www.cnbc.com/2024/10/31/amazon-amzn-q3-earnings-report-2024.html