Key Takeaways
- Amazon (AMZN) reported robust Q3 2025 earnings, significantly exceeding analyst expectations across revenue and EPS, driven by strong performance in its cloud computing unit, AWS.
- Coinbase (COIN) also posted a strong Q3, beating estimates for adjusted EPS, revenue, and adjusted EBITDA, despite a slight miss on overall trading volume.
- Netflix (NFLX) announced a 10-for-1 forward stock split, aiming to make its shares more accessible to employees and a broader investor base.
- Gilead Sciences (GILD) surpassed Q3 adjusted EPS and revenue estimates, though product sales showed mixed results with a decline in Veklury revenue.
- Trump Media & Technology Group (DJT) revealed that Special Counsel Jack Smith subpoenaed its bank records from J.P. Morgan, drawing strong criticism from the company's CEO.
Tech Giants Deliver Strong Q3 Performances
Amazon (AMZN) led the tech sector with impressive third-quarter 2025 results, reporting Adjusted EPS of $1.95 against an estimated $1.58, and Net Sales of $180.17 billion compared to the $177.82 billion estimate. The company's cloud computing arm, Amazon Web Services (AWS), was a significant growth driver, with AWS net sales rising 20% to $33.01 billion, surpassing the estimated $32.39 billion. This strong performance indicates a re-acceleration in Amazon's cloud business, which CEO Andy Jassy noted is "growing at a pace we haven't seen since 2022."
Cryptocurrency exchange Coinbase (COIN) also reported a robust Q3, with Adjusted EPS of $1.44 (or $1.50 in another report) against an estimated $1.21 (or $1.16), and revenue of $1.87 billion (or $1.79 billion) exceeding the $1.8 billion (or $1.77 billion) estimate. The company's adjusted EBITDA reached $800.7 million, well above the $707.6 million estimate. While total trading volume of $295 billion came in slightly below the $310.02 billion estimate, transaction revenue of $1.05 billion surpassed the estimated $992.1 million, driven by increased crypto trading volumes and stablecoin-related services.
Meanwhile, streaming giant Netflix (NFLX) announced a 10-for-1 forward stock split, a move designed to make its shares more accessible to employees and a broader range of investors. The split will be effective with trading on a split-adjusted basis beginning November 17, 2025.
Biotech Sector Sees Mixed Results
Gilead Sciences (GILD) reported its Q3 2025 earnings, with Adjusted EPS of $2.47 significantly beating the $2.13 estimate. Revenue also surpassed expectations at $7.77 billion against an estimated $7.46 billion. The company adjusted its full-year Adjusted EPS guidance to a range of $8.05-$8.25, from a previous range of $7.95-$8.25. While Biktarvy revenue grew 6% to $3.7 billion, exceeding estimates, Trodelvy revenue of $357 million missed its $370.8 million estimate, and Veklury (COVID drug) sales were down 60% to $277 million. The company still anticipates full-year product sales of $28.4 billion.
Political and Regulatory Developments
Trump Media & Technology Group (DJT) is facing increased scrutiny as an SEC filing revealed that Special Counsel Jack Smith subpoenaed J.P. Morgan for the company's bank records. Devin Nunes, CEO of Trump Media, issued a statement calling the subpoena a "stunning abuse of power against a private business and its hundreds of thousands of retail investors," particularly as the company did not exist during the period of Smith's investigation.
In other government news, sources indicate that the US Department of Government Efficiency, a Trump administration initiative, has completed its work at the Securities and Exchange Commission (SEC). This initiative aims to streamline federal agencies and cut wasteful expenditures.
On the international trade front, US Trade Representative Greer indicated that "Blackwells" are "not on the table" for China currently, but noted she spoke "broadly and briefly" about chips with China's President Xi. Greer also stated that President Trump has put the US-China relationship on a "path to stability." However, Minority Leader Jeffries commented that "Trump was punked on the world stage by the Chinese Communist Party," suggesting ongoing political tensions surrounding trade relations.
Market Overview
The NASDAQ Composite closed down 369.95 points, or 1.54%, at 23,588.53 amidst a mixed market day. This decline comes as investors digest a flurry of earnings reports and ongoing geopolitical developments.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.