Amazon Reports Record $15.3 Billion Profit

Published On Oct 31, 2024, 4:51 PM

Amazon reported strong earnings for the third quarter of 2024, with revenues up 11% year-over-year to $158.9 billion and a remarkable profit increase of 55%, totaling $15.3 billion. The growth was driven by a robust performance in Amazon Web Services (AWS), which saw a 19% rise in sales to $27.5 billion, contributing significantly to operating profit. Meanwhile, the retail sector faced challenges as consumer preferences shifted towards lower-cost items, but still registered a 9% sales increase in North America. Amazon's leadership expressed optimism for the holiday season despite a volatile consumer environment due to the political climate.

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Amazon showed resilience in both its cloud computing (AWS) and retail businesses despite consumer spending shifts. The impressive growth in AWS highlights a strong demand for AI-related services, which can positively impact future earnings. Furthermore, the growth in North American retail indicates some stability amid broader economic concerns.

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