Amazon Surprises Investors with Strong Quarterly Numbers
Online retailer Amazon posted strong quarterly numbers and the company has positively surprised investors with record revenue. The company reported 34 percent growth in top line and Amazon Web Services continues to grow at a faster pace compared to the competition. Amazon stock has witnessed strong move over the last one year and some investors were skeptical if the company performance would match the valuations.
Amazon informed that the integration of Whole Foods is going well. The company acquired Whole Foods in a $13.7 billion deal recently, a move that surprised many market analysts. Amazon has not stated its future strategy with Whole Foods segment.
Amazon reported $43.7 billion in revenue. However, the company reported flat profit as it continued investments in data centers, streaming video content, gadgets and warehouses. Amazon reported $256 million net profit compared to $252 million reported during Q32016.
Amazon stock closed marginally down on Thursday but during the after-hours trading, the stock was up by 7.5 percent, touching a new high. Currently, Amazon’s market valuations stands at $467 billion and the results could push it beyond $500 billion mark.
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