Live updates: Amazon Q3 earnings report coming after the closing bell with the stock up big in 2023

In its note ahead of Amazon's earnings report, JPMorgan said it expect strong sales growth for the ecommerce giant despite an uncertain macroeconomic backdrop. That outlook is powered by continued resilience displayed by US consumers, who have helped prop up corporate earnings in the face of rising interest rates.

"AMZN remains our Best Idea & we continue to expect AWS acceleration in 2H23, Retail growth uptick, healthy NA margin expansion, & Y/Y decline in total capex, all of which should drive significant FCF inflection this year," the analysts wrote in their note.

JPMorgan has rated Amazon a "Buy" with $180 price target, representing potential upside of 48% from Wednesday's closing price.

3rd quarter

• Net sales estimate: $141.56 billion
  • Online stores net sales estimate: $56.82 billion
  • Physical Stores net sales estimate: $4.99 billion
  • Third-Party Seller Services net sales estimate: $33.4 billion
  • Subscription Services net sales estimate: $10.13 billion
  • AWS net sales estimate: $23.13 billion
  • North America net sales estimate: $87.12 billion
  • International net sales estimate: $32.08 billion
• Third-party seller services net sales excluding F/X estimate: +16.6%
• Subscription services net sales excluding F/X estimate: +13.2%
• Amazon Web Services net sales excluding F/X estimate: +12.4%
• EPS estimate 58c
• Operating income estimate $7.71 billion
  • Operating margin estimate: 5.46%
  • North America operating margin estimate: +3.6%
  • International operating margin estimate: -3.82%
• Fulfillment expense estimate: $22.14 billion
• Seller unit mix estimate: 58.6%

4th quarter

• Net sales estimate $166.57 billion
• Operating income estimate $8.71 billion

Source: Bloomberg