Amazon reported strong quarterly earnings for Q3, generating $158.9 billion in revenue, surpassing the anticipated $157.28 billion, and posted a profit of $15.3 billion, well above the expected $12.21 billion, marking an 11% increase in net sales compared to the same quarter last year, AP News reports.
Amazon’s online retail business generated $61.41 billion in revenue, bolstered by its Prime Day event in July. Amazon Web Services (AWS) saw a 19% sales increase to $27.5 billion, driven by investments in data centers and AI infrastructure. Amazon’s capital expenditures rose significantly from $12.48 billion to $22.62 billion, primarily due to investments in technological infrastructure.
Amazon CEO Andy Jassy emphasized Amazon’s use of AI across its businesses, from shopping assistants to AWS, describing AI as a major, long-term growth opportunity. The company anticipates fourth-quarter revenue between $181.5 billion and $188.5 billion, slightly below analysts’ forecast of $186.29 billion.
