Amazon's stock surged 12.4% to a record high of $250 following strong Q3 earnings, with AWS revenue up 20% year-on-year to $33 billion and advertising services generating $17.7 billion. Total revenue rose 12% to $180.2 billion, reflecting solid growth in cloud and advertising sectors.
Amazon share price surges over 12% to all-time high as cloud business fuels Q3 beat
Amazon came under the bull’s eye in Friday’s session, October 31, with the stock soaring 12.4% to a record high of $250 apiece on the Nasdaq, following a strong September-quarter earnings beat driven by robust growth in its cloud and advertising businesses.
Revenue from its closely watched cloud unit, Amazon Web Services (AWS), jumped 20% year-on-year to $33 billion, surpassing analysts’ estimates of $32.5 billion, as customers continued to spend on AI-related workloads.
Advertising services also remained a key growth driver, generating $17.7 billion during the quarter—well ahead of market expectations.
Overall, Amazon’s total revenue rose 12% year-on-year to $180.2 billion in Q3, contributing to a 10.87% increase over the last twelve months, with cumulative revenue reaching $670.04 billion.
On the earnings conference call with analysts, Jassy said the company has doubled AWS capacity measured by power from 2022 and is on track to double capacity again by 2027. "We continue to see strong demand in AI and core infrastructure, and we've been focused on accelerating capacity," Amazon CEO Andy Jassy said in a press release.
(more to come)
