Amazon (NASDAQ:AMZN) reported earnings for its third quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.28, which beat analysts’ consensus estimate of $0.22 per share. In the past nine quarters, the company has beaten estimates six times.
Sales increased 14.7% year-over-year, with revenue hitting $127.1 billion compared to $110.8 billion. However, this was lower than the $127.5 billion that analysts were looking for.
Looking forward, the company expects revenue for the fourth quarter to come within a range of $140.0 billion and $148.0 billion. For reference, analysts had expected $155.37 billion. This can be attributed to unfavorable foreign exchange rates.
Is Amazon Stock a Buy, Sell, or Hold?
Amazon has a Strong Buy consensus rating based on 32 Buys, one Hold, and zero Sells assigned in the past three months. The average AMZN stock price target of $170.27 implies 53.24% upside potential.
