10 sources·Business

Amazon Reports Strong Q3 Earnings Amid Aggressive AI Investments

Amazon exceeded revenue estimates with $158.9 billion in Q3 earnings, while continuing its significant investments in AI technology and cloud services.

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Updated: Nov 1st, 2024, 12:18 AM ET

Summary

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Amazon reported a significant revenue increase of $158.9 billion in Q3, surpassing analyst expectations and realizing an earnings boost of $15.3 billion. Their cloud unit, AWS, posted a 19% sales increase, contributing to their investment in AI infrastructure. CEO Andy Jassy emphasized the strategic shift towards generative AI as a key growth driver. As competition intensifies in the tech sector, Amazon remains focused on balancing costs while investing in technology to drive future profits.

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