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Oct 26, 2017

Amazon Q3 revenue surges thanks to Prime Day sales

Amazon shares rise on revenue, net sales beat in Q3

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Amazon.com Inc sales jumped 34 per cent in the third quarter and profit topped analysts' estimates as Prime Day sales boosted its retail business and demand remained strong for its popular cloud service for companies.

The company's shares, which closed down 0.05 per cent on Thursday, rose about 6 per cent in after-hours trading following the quarterly earnings statement. They have gained about 30 per cent this year

The world's largest online retailer said net income rose to US$256 million, or 52 cents per share in the quarter ending Sept. 30. Analysts on average were expecting 3 cents per share, according to Thomson Reuters I/B/E/S.

Amazon forecast fourth quarter operating income to range from US$300 million to US$1.65 billion. Analysts on average were expecting US$1.5 billion, according to data and analytics firm FactSet.

Net sales in North America, its biggest market, jumped 34.8 per cent to US$25.45 billion in the third quarter



Revenue from Amazon Web Services, the company's fast-growing cloud services business, surged 41.9 per cent to US$4.58 billion, beating the average estimate of US$4.52 billion given in polling by data and analytics firm FactSet.

Total operating expenses also surged 35 per cent to US$43.4 billion as the company poured money into expanding its Prime program, creating original video content and building its warehouse and delivery infrastructure.

The company's net sales rose 33.7 per cent to US$43.74 billion from US$32.71 billion, including US$1.3 billion in about a month of sales for upscale grocer Whole Foods, which Amazon acquired for US$13.7 billion in August.

Amazon's annual Prime Day shopping event in July was its biggest ever by sales.