Amazon Earnings Recap

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