reported Q3 EPS of $12.37 versus the consensus estimate of $7.41. The company reported Q3 revenue of $96.1B versus the consensus estimate of $92.7B.

Net sales increased 37% to $96.1 billion in the third quarter, compared with $70.0 billion in third quarter 2019. Excluding the $691 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 36% compared with third quarter 2019.

“Two years ago, we increased Amazon’s minimum wage to $15 for all full-time, part-time, temporary, and seasonal employees across the U.S. and challenged other large employers to do the same. Best Buy and Target have stepped up, and we hope other large employers will also make the jump to $15. Now would be a great time,” said Jeff Bezos, Amazon founder and CEO. “Offering jobs with industry-leading pay and great healthcare, including to entry-level and front-line employees, is even more meaningful in a time like this, and we’re proud to have created over 400,000 jobs this year alone. We’re seeing more customers than ever shopping early for their holiday gifts, which is just one of the signs that this is going to be an unprecedented holiday season. Big thank you to our employees and selling partners around the world who’ve been busy getting ready to deliver for customers this holiday.” plans to open its first fulfillment center in the state of North Dakota in Fargo. The site, which is anticipated to launch in 2021, will create 500 full-time jobs. At the new one million square-foot fulfillment center, employees will pack and ship large customer purchases such as sports equipment, patio furniture, fishing rods, pet food, kayaks, bicycles and other household goods.

Benchmark analyst Daniel Kurnos raised the firm’s price target on to $4,000 from $3,800 and keeps a Buy rating on the shares after the company “crushed yet another quarter on both the top and bottom line.” He sees profit upside starting in Q4 for the company and then flowing “through all of next year” given the potential for reacceleration in AWS, further advertising share gains and excess capacity and fulfillment capabilities, Kurnos tells investors.

Oppenheimer analyst Jason Helfstein lowered the firm’s price target on to $3,500 from $3,700 and keeps an Outperform rating on the shares following the company’s Q3 results. Helfstein says the overall revenue outlook remains strong, with COVID costs continuing to weigh on Q4, but thinks the fulfillment network should see significant leverage post-vaccine.

Credit Suisse analyst Stephen Ju raised the firm’s price target on to $3,750 from $3,700 and keeps an Outperform rating on the shares following the company’s Q3 results. Looking to 2021, Ju can get to a buy case for shares even while conservatively contemplating a material deceleration in GMV growth for North America and International down to 10% and 8% y/y respectively from this year’s estimates of 38% and 32%.

The plan is to wait until after the 2020 Presidential election before taking a long entry in any big tech stocks like AMZN. If Biden wins, AMZN stock and other tech stocks should trend higher as Democrats will end the scrutiny of tech firms and allow them to write their own legislation IMO.

Amazon announced its third-quarter earnings results, reporting $12.37 per share and $96.15 billion in revenue compared to $7.41 per share and $92.7 billion in revenue, according to Refinitiv. Wilfred Frost joins ‘Closing Bell’ to discuss.


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