Amazon reports boost in quarterly profits, exceeds revenue estimates as it invests in AI

Amazon reported a boost successful its quarterly profits Thursday and exceeded gross estimates, sending nan company’s banal up successful after-hours trading

LOS ANGELES -- LOS ANGELES (AP) — Amazon reported a boost successful its quarterly profits Thursday and exceeded gross estimates, sending nan company's banal up successful after-hours trading.

For nan 3 months that ended connected Sept. 30, nan Seattle-based tech elephantine posted a gross of $158.9 billion, higher than nan $157.28 cardinal analysts had expected.

The Seattle-based tech institution said it earned $15.3 billion, higher than nan $12.21 cardinal manufacture analysts surveyed by FactSet had anticipated. Amazon earned $9.9 cardinal during nan aforesaid play past year. Earnings per stock were $1.43, higher than analysts’ expectations of $1.14.

Net income accrued 11% compared pinch nan 3rd 4th of 2023, Amazon said.

Thursday’s study offers nan past look astatine Amazon’s business earlier nan commencement of nan vacation shopping season, nan busiest clip of twelvemonth for nan unit industry.

“As we get into nan vacation season, we’re excited astir what we person successful shop for customers,” said Andy Jassy, Amazon's president and CEO. “We kicked disconnected nan vacation play pinch our biggest-ever Prime Big Deal Days and nan motorboat of an all-new Kindle lineup that is importantly outperforming our expectations; and there’s truthful overmuch much coming."

The company’s results travel different earning reports this week from tech giants specified arsenic Microsoft, Meta and Google’s firm parent, Alphabet.