Amazon Inc (Nasdaq:AMZN) is considering a new multibillion-dollar investment in artificial intelligence startup Anthropic. The investment will cost Amazon Inc. $4 billion in rival OpenAI, with the expectation that its customers will get early access to Anthropic’s technology. Amazon Inc (Nasdaq:AMZN) also announced that Black Friday Week and Cyber Monday events will be held, as they are annually, from November 21 to December 2. This will allow customers to shop millions of products in more than 35 categories. Prime members can complete their holiday shopping while enjoying unlimited fast free shipping, including more than 300 million items available with free Prime shipping in the U.S. and tens of millions of the most popular items available with same-day delivery when the order is created.
The company also recently released financial results for the third quarter of 2024. The company managed the quarter above analysts’ expectations, increasing total sales 11% year-over-year to $158.9 billion. Revenue in North America grew 9% to $95.5 billion and in other countries grew 12% to $35.9 billion. Revenue in the AWS segment grew 19% to $27.5 billion. Excluding all expenses, the company earned a net profit of $15.3 billion with a year-over-year increase of 54.54%.
According to the company’s statement, it expects revenue growth in the fourth quarter of 2024, with an outlook of around $181.5 billion to $188.5 billion, a year-over-year increase of between 7% and 11%. Operating income is expected to be between $16.0 billion and $20.0 billion, compared to $13.2 billion for the same quarter in 2023.
Chart Source : ZACKS.COM
Amazon shares have added over 42% to their value since the beginning of the year. This has caught the attention of multinational investment corporations as well as private investors for buying shares of (Nasdaq:AMZN), which is expected to do as well or better in the final quarter of this year thanks to Amazon’s ever-evolving AI. Analysts at ZACKS.COM have raised their price targets on shares of Amazon Inc (Nasdaq:AMZN). The average target price has been set at $236.78 per share for the short- to medium-term investment horizon.
