Amazon shares rise after quarterly revenue beat
The company's reported profit was in line with analysts' expectations, but sales came in higher.
Amazon (AMZN) shares rose more than 4 percent in after-hours trading Thursday after the company beat analyst revenue expectations for its third quarter.
The online retail giant reported a quarterly loss $41 million, or 9 cents a share, in line with Wall Street's expectations. Earnings per share were up 85 percent from the year-ago period.
Revenue was $17.09 billion, handily beating the Street estimate of $16.77 billion. Sales were up 24 percent from a year earlier.
"It's been a busy few months," Amazon founder and CEO Jeff Bezos said in a company release. He also noted the company's launch of its new Kindle Paperwhite and Kindle Fire (pictured).
Shares of Amazon are up nearly 27 percent this year. Things started out slow for the company, which saw shares hover between $250 and $270 during the winter and spring months. The stock began to soar early in the summer, and though it took a dive in August, it has been climbing fairly steadily ever since.
Amazon closed up 1.67 percent Thursday afternoon, bringing the stock to $332.21.
At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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John Stumpf acknowledges that growth has been slow, but he says he's still optimistic.
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