Amazon beat third-quarter revenue estimates on Thursday as high interest rates failed to deter consumers from spending on its e-commerce platform for everything from groceries to electronics.
Shares of the online retailer and cloud major rose about 5% in extended trading.
Amazon Web Services brought in revenue of $23.1 billion, compared with analysts’ expectations of $23.09 billion.
The beat underscores how the tech giant’s dominant position in the sector is helping it overcome challenges in a tough market.
Overall revenue in the third quarter rose 13% to $143.1 billion.
Analysts on average expected revenue of $141.41 billion, according to LSEG data.
CEO Andy Jassy’s company forecast current-quarter revenue in the range of $160 billion and $167 billion.
Analysts polled by LSEG were expecting revenue of $166.62 billion.
Net income rose to $9.9 billion in the third quarter from $2.87 billion, a year earlier.
Source: NYPOST