Amazon Tops Earnings Estimates But AWS Growth Slows; Stock Rises on Strong Q4 Forecast

Amazon reported Q3 earnings and revenue that beat Wall Street estimates, sending the stock higher.

Revenue for Amazon's cloud business AWS grew 12% but missed expectations. However, management noted an uptick in deal activity.

Operating income for AWS jumped 29% to $6.98 billion, handily beating estimates.

Amazon expects Q4 revenue of $160 billion to $167 billion, roughly in line with projections.

Advertising remained Amazon's fastest growing unit, with sales up 26% to $12.1 billion, topping estimates.