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Amazon confounds expectations with third-quarter profit surge

Discussion in 'Market News' started by Lily, Oct 23, 2015.

  1. Lily

    Lily Forum Member

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    The online retailer’s shares spiked 10% in after-hours trading as investors reacted to the $79m third-quarter profit reaped in part from its cloud computing services

    Amazon beat Wall Street expectations on Thursday, reporting a surprise profit, helped by rapid growth in its cloud computing business. Shares in the online retailer spiked 10% in after-hours trading as investors reacted to news that the company had posted a $79m profit for the third quarter. Analysts had expected Amazon to post a loss.

    The share surge added close to $5bn to Amazon founder Jeff Bezos’s fortune with the value of his 82.9m shares increasing $4.89bn.

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