Amazon reported better-than-expected revenue and profits for the third quarter on Thursday, driven by growth in online sales and its advertising business.
For the three months that ended on Sept. 30, Amazon said it earned $143.1 billion in revenue, a 13% increase compared to the same period last year. The company made $9.9 billion in profits, topping analysts’ expectations and sending its stocks higher in after-hours trading.
Amazon’s retail business grew by 6% during the third quarter, while its cloud computing business, Amazon Web Services (AWS), grew by 12%. AWS is Amazon’s most profitable business, and it accounted for nearly 20% of the company’s revenue in the third quarter.
Amazon CEO Andy Jassy said the company had a strong quarter, and he credited the growth to its focus on customer satisfaction and innovation. Jassy also said that Amazon is well-positioned for the holiday season, and he expects the company to continue to grow in the coming quarters.
Analysts were impressed with Amazon’s results, given the challenging economic environment. Many companies have been struggling with rising inflation and supply chain disruptions, but Amazon has been able to weather the storm relatively well.
Amazon’s strong results are a sign that the company is still a dominant force in the e-commerce market. The company is also well-positioned to benefit from the continued growth of cloud computing.
What does this mean for consumers?
Amazon’s better-than-expected results are good news for consumers. It means that the company is likely to continue to invest in its platform and offer competitive prices and a wide selection of products. It also means that Amazon is likely to continue to innovate and offer new features and services to its customers.
What does this mean for investors?
Amazon’s strong results are also good news for investors. The company’s revenue and profits are growing, and it is well-positioned for future growth. Amazon is also a leader in the e-commerce and cloud computing markets, which are two of the fastest-growing sectors in the global economy.
Overall, Amazon’s better-than-expected results are a positive sign for both consumers and investors.