CHART: Amazon's Q3 2024 earnings soar as cloud and advertising power growth

Emmanuel Oyedeji -
  • Amazon's Q3 revenue rose 11% to $158.9 billion, beating expectations.
  • Net income reached $15.3 billion, or $1.43 per share, well above forecasts.
  • Q4 revenue is projected at $181.5 billion to $188.5 billion, marking anticipated growth of 7% to 11%.

Amazon is making bold moves into the future, blending its prowess in cloud computing with an ambitious focus on AI, and the results are already showing.

For the third quarter ended September 30, Amazon reported a revenue surge of 11% year-over-year from $143.1 billion to $158.9 billion, beating Wall Street expectations as demand for cloud services and digital ads bolstered the bottom line.

Net income skyrocketed to $15.3 billion, or $1.43 per share, well above the forecasted $1.14, reflecting the powerful combination of growth and cost efficiency under CEO Andy Jassy’s leadership.

Following the results, Amazon shares jumped 7%, underscoring investor confidence in the company’s strategic direction.

Net income also skyrocketed from $9.9 billion to $15.3 billion, or $1.43 per share, far above the $1.14 analyst forecast, signalling steady demand for Amazon’s products and services across diverse markets.