Amazon Reports Revenue That Tops Estimates on Strong Web Sales
Oct 27, 2023 - bloomberg.com
Amazon.com Inc. CEO, Andy Jassy, reported strong sales and profit growth in this earnings season, suggesting that the company's cloud division is regaining momentum. Despite the third-quarter revenue of Amazon Web Services (AWS) falling slightly short of projections, Jassy stated that the business is stabilizing, with several new customer deals starting this month.
Jassy also highlighted that the demand for generative artificial intelligence is expected to significantly boost the AWS division in the future. His comments led to a 5% increase in Amazon's shares in extended trading after the results were released.
Key takeaways:
Amazon.com Inc. CEO Andy Jassy reported robust sales and profit growth in the recent earnings season.
Despite falling slightly short of projections, the cloud computing unit, Amazon Web Services, is said to be stabilizing.
New deals with customers and a likely boost from generative artificial intelligence are expected to benefit the division in the future.
Amazon shares rose by about 5% in extended trading following Jassy's comments.
