Amazon Blows Past Q3 Expectations, Ad Revenue Jumps 26%

variety.com:

Todd Spangler NY Digital Editor Amazon kept the cash register ringing in the third quarter, including a strong 26% uptick in advertising revenue, turning in results that came in above Wall Street forecasts.

Overall, Amazon reported Q3 revenue of $143.1 billion, up 13%, and net income up more than threefold to $9.88 billion (94 cents per share).

The quarter included sales during the first of two sets of Amazon Prime Day deal events, from July 11-12 (followed by the second installment earlier this month).

Analyst consensus estimates were for revenue of $141.5 billion and net income of $6.05 billion (59 cents per share), according to FactSet. “We had a strong third quarter as our cost to serve and speed of delivery in our Stores business took another step forward, our AWS growth continued to stabilize, our Advertising revenue grew robustly, and overall operating income and free cash flow rose significantly,” Amazon CEO Andy Jassy said in announcing the results.