(Reuters) – Amazon.com 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% 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% to $143.1 billion. Analysts on average expected revenue of $141.41 billion, according to LSEG data.
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.
(This story has been corrected to fix the period for rise in overall revenue to third quarter, not second, in paragraph 4)
(Reporting by Akash Sriram in Bengaluru; Editing by Anil D’Silva)
