Shares of Amazon (NASDAQ:AMZN) gained in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $0.65, which beat analysts’ consensus estimate of $0.35 per share. Sales increased by 10.8% year-over-year, with revenue hitting $134.3 billion. This beat analysts’ expectations by almost $3 billion.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The various segments of the company witnessed notable growth over the past year. North America’s sales climbed to $82.5 billion, marking an 11% increase from the previous year. In the International segment, sales reached $29.7 billion, reflecting a year-over-year growth of 10%. Additionally, the AWS segment experienced a 12% increase in sales, which culminated to a total of $22.1 billion.
Looking forward, management now expects revenue and operating income for Q3 2023 to be in the ranges of $138 billion and $143 billion and $5.5 billion and $8.5 billion, respectively. For reference, analysts were expecting $138.3 billion in revenue.
Overall, Wall Street has a consensus price target of $153.07 on AMZN stock, implying 18.47% upside potential, as indicated by the graphic above.
