First off let’s start with the estimates
Amazon came in today with everything I was looking for. Advertising surprised up over $12B vs $11.6B expected. 3P surprised at $34.3B vs estimates of $33.4B and the 3P mix shift came in at 60% vs estimates of 58%. Everything went right mostly in Q3. The stock just had a big bounce after the conference call ended. Let’s start with the worries.
A couple things of concern
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