Why Amazon.com, Inc. Stock Rose 15% in October
When Amazon.com (NASDAQ: AMZN) reported third-quarter results near the end of October, the report triggered a massive share-price surge. All told, shares of the online retailer and cloud computing service provider gained 15% last month, according to data from S&P Global Market Intelligence.
Amazon's third-quarter sales rose 34% year over year to $43.7 billion, including a $1.3 billion contribution from the acquisition of Whole Foods Market that closed at the end of August. GAAP earnings held steady at $0.52 per share, while adjusted earnings rose 18% to $0.73 per diluted share. Analysts would have settled for adjusted earnings of $0.03 per share on sales near $42.1 billion. With or without Whole Foods, Amazon crushed Wall Street's targets. Share prices surged nearly 14% higher the next day.
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Source: Fool.com
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