Shares of Amazon (NASDAQ:AMZN) lost over 4% in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2022. Earnings per share came in at $0.03, which missed analysts’ consensus estimate of $0.17 per share. Sales increased by 8.6% year-over-year, with revenue hitting $149.2 billion. This beat analysts’ expectations of $145.77 billion.
North American sales reached $94.3 billion, up 13% against this time last year. International sales, however, reached $34.5 billion, representing a loss of 8% due mainly to the strong dollar. Amazon Web Services sales reached $21.4 billion, a jump of 20% over last year.
Looking forward, management now expects revenue for Q1 2023 to be in the range of $121 billion to $126 billion. For reference, analysts were expecting $125.3 billion in revenue.
Overall, Wall Street has a consensus price target of $131.39 on Amazon stock, implying 16.93% upside potential, as indicated by the graphic above.
