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Amazon Set for Another Record Quarter
Amazon Set for Another Record Quarter

Amazon Set for Another Record Quarter

Amazon Set for Another Record Quarter

Amazon.com Inc. is expected to report another solid financial period when it reports third-quarter earnings after the market closes Tuesday, fueled by stronger e-commerce sales and increased appetite for its cloud-computing service, Amazon Web Services.
Total Amazon revenue is expected to rise by 29% year-over-year, with US e-commerce sales increasing by 16% and AWS revenues rising by 52%, according to Cantor Fitzgerald, which recently raised its price target on Amazon shares to $1,000, Market Watch reports.  
“Our checks show healthy double-digit pace of growth in e-commerce and we view Amazon as one of the prime beneficiaries of such a trend,” Cantor Fitzgerald analyst Youssef Squali said in a note to clients Monday.
Sell-side analysts surveyed by FactSet expect Amazon to report a profit of 78 cents a share, compared with 17 cents in the year-earlier period. Contributors to Estimize, a software platform that uses crowdsourcing from hedge-fund executives, brokerages and buy-side analysts to predict earnings, expect Amazon to report a dollar a share. The company topped both consensus estimates by a wide margin in the first two quarters of this fiscal year after missing Wall Street’s guidance by roughly 46% in the final quarter of fiscal 2015.
After years of uneven profits, Amazon has begun to deliver substantial earnings,” said Wedbush analyst Michael Pachter, who has an outperform rating and $900 price target on the stock.
The company is expected to report revenue of $32.6 billion, compared with $23.2 billion in the year-earlier period, according to the FactSet consensus estimate. Estimize has Amazon’s revenue coming in slightly lower, around $32.250 billion. Amazon beat both guidance ranges in its past two fiscal quarters.

 

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