Amazon shares blast to all-time highs
The company's third-quarter earnings report delights investors.
Amazon reported a loss of 12 cents a share, which squared with analysts' estimates. Revenue came in at $17 billion, which was up a staggering 24% year over year. Amazon added 9 million more customer accounts in the quarter, for a total of 224 million active accounts. Amazon also grew sales both domestically and internationally.
Motley Fool analyst David Meier applauds this quarter, and believes investors have a lot to be happy about. While Amazon's market cap is now nearly $170 billion, David expects that there will still be more growth for this company going forward.
Online retail accounts for less than 10% of consumer spending, so there's plenty of runway for Amazon. Additionally, Amazon historically reinvests nearly all its cash in the business itself, a sure sign of a company with the long term in mind.
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Excitement is growing about the company's new iPhone, expected this fall.
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