Amazon is closing in on its record high after a huge earnings beat


Amazon is closing in on its all-time high after Thursday’s blockbuster third-quarter earnings report.

The company reported GAAP earnings of $US0.52 a share, easily beating the $US0.04 that Wall Street was expecting. Revenue totaled $US43.74 billion, compared to expectations of $US42.19 billion, according to data from Bloomberg.

Shares soared more than 8% at Friday’s open to $US1,057, and are within 2.4% of their all-time high.

Amazon completed its purchase of Whole Foods in the third quarter and included $US1.3 billion in net sales from the business in its earnings numbers. Without including Whole Foods, the company increased sales by 29% year-over-year.

Amazon provided a peek into the success of its Alexa-enabled devices. CEO Jeff Bezos said that “tens of millions” of devices have been sold and there are five times more active customers on the platform than a year ago. Many of the new developments Amazon decided to highlight in its earnings report centered around the Alexa devices.

Amazon is gearing up for the holiday shopping season and said it expects net sales between $US56 billion and $US60.5 billion in the fourth quarter.

Amazon shares are up 40.27% this year after the company’s post-earnings bump.

Read more about the company’s earnings release here.

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