Amazon.com is an online store owned by the American company Amazon.com, Inc. (NASDAQ-AMZN), which was founded on July 5, 1994. The company is headquartered in Seattle, Washington, USA. The founder of the company is Mr. Jeff Bezos, who operated Cadabra.com bookstore since 1994, which he renamed Amazon the same year after the Amazon River. Amazon.com, Inc. offers a wide range of products and services through its website worldwide. The products that Amazon.com, Inc. (NASDAQ-AMZN) offers on its website are purchased from affiliate suppliers for resale to third parties, i.e., its consumers.
Amazon.com, Inc. (NASDAQ-AMZN) continues to be a very attractive company to buy shares of, both with private investors and multinational investment corporations currently, primarily due to the launch of two test satellites for the Project Kuiper satellite internet system earlier this year. Amazon says through press releases that it is preparing for a full-scale satellite launch that will begin as early as the first half of next year 2024″. The company also said it will have deployed enough satellites in the second half of 2024 to launch the first pilot projects for customers. With this move, Amazon.com, Inc (NASDAQ-AMZN) becomes a direct competitor in the space satellite business to Space-X, led by Elon Musk, which already has over 5,500 mass-produced small satellites in low Earth orbit.
The company recently announced its third quarter 2023 financial results on its website, in which it increased revenue by 13% to $143.1 billion compared to the same quarter of the previous year. Operating profit increased year-over-year to $11.2 billion, which was $2.5 billion in the same quarter a year earlier. Net income rose 241.37% to $9.9 billion.
This explanation was given by Amazon CEO Andy Jassy, who said : «We had a strong third quarter as our cost to serve and speed of delivery in our commerce business took another step forward, primarily due to our AWS network (Paid Services Database, such as virtual storage, mobile app services, containers, servers and machine learning), which has stabilized and our revenue has grown significantly due to advertising and strong operating profit with free cash flow.» «The benefits of transitioning from a single national distribution network in the U.S. to eight different regions exceed our optimistic expectations, and perhaps most importantly, will position us for the fastest delivery to Prime customers in our 29-year history.
The average target price has been set by multinational investment corporations for the short to medium term investment horizon at $178.05 per share.