Amazon Smashes Q3 Earnings Estimates with Strong Revenue and Profit Growth; Analysts Bullish on Further Upside

Amazon reported strong Q3 results, beating revenue and profit estimates. Sales hit $143.1B, up 13% vs last year.

AWS revenue was $23.1B, up 12.3% year-over-year. Adjusted EPS of $0.94 significantly exceeded estimates of $0.58.

Advertising revenue saw major growth of 26%, consistent with Meta and Google trends. Profitability ramped up substantially.

Analysts reacted positively, noting the earnings beat and improved profit narratives. Revenue estimates are unchanged but profits expected to move higher.

With 42 Buy ratings vs just 1 Hold, analysts are bullish on Amazon. Average price target of $174 implies 46% upside potential.