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.
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.
