- Q3 revenue rose 12% year over year to $201.9 billion, missing the $202.3 billion consensus. GAAP EPS fell 3% year over year to $1.89, missing the $1.96 consensus.
- AWS revenue grew 39.3% year over year to $45.98 billion, its fastest rate in nearly five years. AWS operating income of $17.77 billion beat the $16.97 billion consensus.
- The AWS backlog closed Q3 at $578 billion, up 16% from Q2. Management projects AWS revenue growth above 40% in both 2027 and 2028.
- Online Stores, Physical Stores, and Advertising missed estimates. Amazon attributed the advertising slowdown to timing anomalies, including the shift of Prime Day into Q2.
- The analyst cut the price target to $280 from $300 and reiterated a buy-equivalent 1 rating. Shares traded near $228 after the post-earnings slide.
引述
“But a miss is a miss.”