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Amazon shares rise after delivering big beat on expectations

Amazon shares rise after delivering big beat on expectations
02 Feb 2018

Amazon smashed fourth-quarter expectations tonight with founder Jeff Bezos hailing the firm’s Alexa technology.

Shares – down on the day – jumped six per cent in after-hours trading to leave the firm worth around $710bn.

Revenue for the three months to December was $60.5bn compared with Thomson Reuters poll of $59.8bn. Earnings per share were $3.75, more than double the forecasted $1.85. Sales were 38 per cent higher year-on-year and led to net income more than doubling to $1.9bn.

Read moreAmazon has leapfrogged Google as the world’s most valuable brand

The world’s richest man Bezos gushed at returns from Alexa voice activity technology. Projections, he said, “were very optimistic, and we far exceeded them.”

“We don’t see positive surprises of this magnitude very often — expect us to double down,” he added.

AJ Bell investment director Russ Mould said: “Amazon looks to have the strongest momentum of the three right now but it’s not going to be all plain sailing on the way to the $1 trillion market cap mark and some issues could still make it hard for all three to get there, assuming they ever do.”

Source: City A.M.