Amazon Q3 results top estimates as cloud growth steadies

Investing.com -- Amazon (NASDAQ:AMZN) reported third-quarter results Thursday that topped Wall Street estimates as growth in its cloud business continued to stabilize and advertising growth jumped.

Amazon (AMZN) were flat in aftermarket trading following the report.

Amazon reported Q2 EPS $0.94 on revenue of $143.1 billion, beating estimates of $0.58 on revenue of $141.53B.

Net sales in North America rose 11% to $87.9B year-on-year in Q3.

Amazon Web Services, its cloud business segment, grew revenue 12% to $23.1B, slightly missing estimates of $23.2B, but operating income jumped to 29% to $6.98B.

Advertising revenue jumped 26% to $12.06B from a year earlier.

"[O]ur AWS growth continued to stabilize, our advertising revenue grew robustly, and overall operating income and free cash flow rose significantly,” said Andy Jassy, Amazon CEO.

Looking ahead to Q4, the company forecast revenue in a range of $160B to $167B, in-line with expectations of $167.2B. Operating income was guided in a range of $7.0B and $11.0B.