Amazon’s Earnings Top Estimates, Though Its Forecast Underwhelms | Global News Avenue

Amazon (Amzn) Report said that despite its poor outlook, earnings in the fourth quarter exceeded analysts’ estimates.

The e-commerce and cloud services giant’s net sales rose 10% year-on-year to $187.8 million, surpassing analyst consensus. Earnings were $20 billion, $1.86 per share, up from $10.62 billion a year ago, and higher than expected. Amazon Web Services revenue rose 19% to $28.79 billion, slightly higher than forecasts.

Looking ahead, Amazon predicts first-quarter revenues to be between $151 billion and $155.5 billion, down from analyst consensus of $158.58 billion.

Amazon said the forecast reflects an “extraordinarily large, adverse impact” from the foreign exchange rate to $2.1 billion.

Amazon’s stock has little change in expanded trading after the issuance. The stock has risen about 40% during Thursday’s closing period over the past 12 months.