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The Amazon online retail and e-commerce platform is one of the world’s largest. Still, CEO Jeff Bezos has done an equally effective job expanding his company’s footprint into other business sectors. Public filings show that Amazon’s bread and butter business (e-commerce) accounts for nearly 40% of its revenue. Still, the advertising sector has analysts excited about Amazon’s future.
According to Amazon’s Q3 2024 earnings report, the company generated $158.9 billion in revenue. That was an 11% increase over the previous year, but the advertising revenue was particularly strong. Amazon brought in $14.3 billion in advertising revenue, which bested the Q3 2023 figures by nearly 20%. That helped Amazon increase its free cash flow by 128% to $46.1 billion.
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More importantly, there is every expectation that Amazon will continue growing revenue from non-retail services (with higher profit margins) such as advertising and cloud computing. Amazon stock is trading at $226.09, but the consensus among Benzinga analysts sees Amazon hitting $239.08 by early 2025. This may help explain why heavyweights like Ken Griffin and Ray Dalio have been loading up on Amazon.
Mark Zuckerberg’s Meta (formerly known as Facebook) has been ubiquitous on the internet for most of the century. Like Amazon, Meta’s Q3 2024 earnings show the company successfully leveraged its global customer base to create significant advertising revenue. The Meta Family of Apps (Facebook, WhatsApp and Instagram) generated $39 billion in revenue, which beat 2023’s numbers by 19%.
