Retail
Amazon (AMZN) Q3 Sales Up 28%, Strong Holiday Forecast: Shares Rocket Higher
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Shares of Amazon (NASDAQ:AMZN) rose nearly 10% after hours to $101.70, well above the stock’s 52-week high.
Revenue increased 28% to $5.45 billion in the third quarter, compared with $4.26 billion in same quarter last year. Net income increased 68% to $199 million, or $0.45 per share, compared with net income of $118 million, or $0.27 per share.
The company highlighted the extraordinary sales of its e-reader. “Kindle has become the #1 bestselling item by both unit sales and dollars – not just in our electronics store but across all product categories on Amazon.com,” said Jeff Bezos, founder and CEO.
For the fourth quarter revenue is expected to be between $8.125 billion and $9.125 billion, or to grow between 21% and 36% compared with fourth quarter 2008. Operating income is expected to be between $300 million and $425 million, or to grow between 10% and 56%, compared with fourth quarter 2008.
eBay (NASDAQ:EBAY) and Wal-Mart (NYSE:WMT) had provided fairly gloomy expectations for the holidays and the Amazon optimism counter balances those.
Perhaps Amazon is just better run than the rest.
Douglas A. McIntyre
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