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Amazon beat third-quarter revenue estimates on Thursday as high interest rates failed to deter consumers from spending on its e-commerce platform for everything from groceries to electronics.
Shares of the online retailer and cloud major rose about 5 percent in extended trading.
Amazon Web Services brought in revenue of $23.1 billion, compared with analysts’ expectations of $23.09 billion. The beat underscores how the tech giant’s dominant position in the sector is helping it overcome challenges in a tough market.
Overall revenue in the third quarter rose 13 percent to $143.1 billion. Analysts on average expected revenue of $141.41 billion, according to LSEG data.
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The company forecast current-quarter revenue in the range of $160 billion and $167 billion. Analysts polled by LSEG were expecting revenue of $166.62 billion.
Net income rose to $9.9 billion in the third quarter from $2.87 billion, a year earlier.
By Akash Sriram in Bengaluru; Editing by Anil D’Silva
Learn more:
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