San Francisco, (APP – UrduPoint / Pakistan Point News – 1st Nov, 2024) E-commerce giant Amazon reported stronger-than-expected third quarter results on Thursday, with significant growth in cloud computing and a return to profitability in its international segment.
The Seattle-based tech titan posted net sales of $158.9 billion for the quarter ending September 30, up 11 percent from the same period last year, with net profit up to $15.3 billion.
Amazon Web Services (AWS), the company’s cloud computing division, continued its robust performance with sales increasing 19 percent year-over-year to $27.5 billion.
AWS has invested heavily in artificial intelligence, building out data centers and the computing capacity that is required to deliver AI to cloud customers.
In a turnaround, Amazon’s international segment reported an operating profit of $1.3 billion, compared to a small loss in the same quarter last year.
North American operations also showed improvement, with operating profit rising to $5.
7 billion from $4.3 billion year-over-year.
“As we get into the holiday season, we’re excited about what we have in store for customers,” said Amazon CEO Andy Jassy.
He highlighted the success of Prime Big Deal Days and noted strong performance from the company’s new Kindle lineup.
Looking ahead to the crucial holiday quarter, Amazon forecasts net sales between $181.5 billion and $188.5 billion, representing growth of 7 percent to 11 percent compared to the same period in 2023.
That helped send the Amazon share price surging by five percent in extended trading.
The results came a day after microsoft and Meta failed to impress investors, sending their shares sharply lower even though earnings beat expectations.
That followed better-than-expected results from Google-parent Alphabet on Tuesday.
