Amazon yesterday reported their third-quarter earnings results and surprised everyone. The company posted revenue of $43.7 billion, which is $1 billion more than the $42.1 billion analysts from Wall Street were expecting.
Amazon continues to demonstrate its dominance and profit. Even though the company has a lot of revenue, its profit is a bit small. Amazon also posted earnings per share of 52 cents. All in all, Amazon posted a total of $256 million in profits.
After the company’s earnings report, the company’s share soared in after-hours trading. Shares continued to rise into Friday morning, and by mid-afternoon, shared of Amazon were up 127 points, with the stock breaking $1,100 for the first time ever. With Amazon shares going up continuously, CEO Jeff Bezos also saw his wealth rise.
Jeff Bezos is now the wealthiest person on the planet. CNBC reports that his worth is now approximately $90 billion, thanks to Amazon’s soaring stock price climb.
This isn’t Bezos’ first time as numero uno. He became the richest man for the first time in July – but his reign only lasted a day. On July 27, Amazon’s share price topped $1,050 and Bezos’ paper fortune soared past $90 billion. But after Amazon’s share price slipped, Bezos fell back to second place behind Gates.
After Amazon posted better-than-expected earnings, there’s no sign of the company stock falling quickly. Bezos will more than likely enjoy his status as world’s wealthiest man for quite some time.