Amazon.com, Inc. · AMZN · FY2024 Q3 · Calendar Q4 2024

Amazon growth broadens as AWS, advertising and fulfillment improve

The analysis supports a constructive but qualified view: resilient AWS, advertising and retail demand can support continued growth, while rising AI investment, capacity constraints and margin execution determine how durable that growth is.

Reported After market closeNASDAQConsumer Cyclical $2781.57B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.43 Consensus $1.14
EPS surprise +25.4% Reported versus consensus
Reported revenue $158.88B Consensus $157.28B
Revenue surprise +1.0% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +6.2% Event window
SPY move +0.4% Same window
Abnormal move +5.8% Stock minus SPY
Volume 3.1× Versus trailing sessions
Subsequent drift +6.5% Up to 20 sessions
AMZNSPY benchmark

Ask FN2 about AMZN FY2024 Q3

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Why did AMZN rise 6.2% after beating EPS estimates in FY2024 Q3?What changed in AMZN's guidance and outlook in FY2024 Q3?Give me the bull and bear case for AMZN after FY2024 Q3 earnings.

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the current analysis places more emphasis on AWS AI demand and capacity, Trainium2 ramp-up, fulfillment redesign and robotics. Guidance sentiment remained maintained, while capital intensity and margin sustainability remain key watchpoints.

Guidance delta

Guidance sentiment was maintained; the analysis does not identify a change to guidance.

Key takeaways

  • Management described continued strength in AWS, advertising and retail operations.
  • AI demand and custom silicon remain central growth priorities, alongside fulfillment redesign and robotics.
  • The investment case remains balanced by higher AI infrastructure spending, AWS capacity constraints and margin risks.

Management priorities

  • Scale AWS AI workloads and Trainium2 custom chips.
  • Expand Bedrock foundation-model offerings and rearchitect Alexa with newer foundation models.
  • Improve fulfillment efficiency through regionalization, same-day delivery and robotics.
  • Expand Prime benefits and Amazon Pharmacy delivery.

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Earnings History

Estimate Beat Miss Match
AMZN EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $0.83 Q1 '24 actual $0.98, beat Q2 '24 estimate $1.03 Q2 '24 actual $1.26, beat Q3 '24 estimate $1.14 Q3 '24 actual $1.43, beat Q2 '25 estimate $1.31 Q2 '25 actual $1.68, beat Q3 '25 estimate $1.57 Q3 '25 actual $1.95, beat Q4 '25 estimate $1.97 Q4 '25 actual $1.95, miss Q1 '26 estimate $1.63 Q1 '26 actual $2.78, beat Q2 '26 estimate $1.82 Q2 '26 actual $5.75, beat Q3 '26 estimate $1.96 Q4 '26 estimate $2.41 Q1 '27 estimate $2.33
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Analyst Consensus ?

ConsensusBuy91 ratings
Bullish8391.2%
Neutral77.7%
Bearish11.1%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$256.52Current
$1Low
$250.33Average
$390High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 14, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Overweight OverweightMaintainOct 12, 2026
Cantor Fitzgerald Overweight OverweightMaintainOct 12, 2026
Tigress Financial Buy BuyMaintainOct 6, 2026
TD Cowen Buy BuyMaintainOct 5, 2026
Rosenblatt Buy BuyMaintainSep 30, 2026
Show 87 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $256.52. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoKen Gawrelski$329$262.43 +28.3%Oct 12, 2026
Tigress FinancialIvan Feinseth$385$255.36 +50.1%Oct 6, 2026
Rosenblatt SecuritiesScott Devitt$360$246.67 +40.3%Sep 30, 2026
UBSAnalyst unavailable$200$251.55 -22.0%Sep 17, 2026
Wells FargoKen Gawrelski$338$254.98 +31.8%Sep 3, 2026
See 346 more

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Company context

Snapshot as of publication

Amazon.com, Inc. operates a vast global retail enterprise, distributing consumer goods and subscription services through both its extensive online platforms and a network of physical stores across North America and internationally. Its operations are structured into three primary segments: North America, International, and Amazon Web Services (AWS). The company's product offerings encompass both merchandise and content procured for direct resale, alongside items sold by third-party merchants on its platform. Furthermore, the company develops and markets its own range of electronic devices, such as Kindle e-readers, Fire tablets and TVs, Ring, Blink, eero, and Echo products. It also invests in the development and production of original media content.…

Historical context

All AMZN earnings
+15.3%FY2026 Q2 · Calendar Q3 2026+0.8%FY2026 Q1 · Calendar Q2 2026+9.6%FY2025 Q3 · Calendar Q4 2025

Consumer Cyclical peers this season

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NKE NIKE, Inc. FY2027 Q1 · Calendar Q4 2026 +10.0% -0.7% Nike’s performance categories grow as resets weigh on FY27 outlook
CCL Carnival Corporation & plc FY2026 Q3 · Calendar Q3 2026 +5.9% +13.4% Carnival posts record Q3 as demand and efficiency offset fuel costs
DRI Darden Restaurants, Inc. FY2027 Q1 · Calendar Q3 2026 0.0% -3.0% Darden reaffirms FY2027 outlook as brands deliver mixed comp growth
AZO AutoZone, Inc. FY2026 Q4 · Calendar Q3 2026 +3.6% +3.3% AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan
LEN-B Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — — Lennar: Efficiency Gains Offset Housing-Market Pressures

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
  3. Polygon adjusted daily market bars · 2026-10-14T13:10:40.180565+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-14T13:10:40.178539+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-14. For educational purposes only; not investment advice.