Record earnings should help e-commerce titan compete with Microsoft and Google’s deeper pockets
Oct. 27, 2023 6:00 am ETResults for Amazon Web Services, the company’s cloud-computing division, were more closely watched than normal this quarter.Amazon might not yet be the clear winner in the race among tech giants over artificial intelligence. But it isn’t losing ground yet either.late Thursday seemed to paint a mixed picture on that front. Total revenue of $143.
1 billion was up 13% from the same period last year, which exceeded the 11% growth Wall Street was expecting. And operating income soared, hitting a record $11.2 billion compared with $2.5 billion in last year’s third quarter—exceeding analysts’ consensus target by nearly half. That was helped by sharp growth in advertising and third-party seller services—both of which offer superior profit margins compared with Amazon’s more typical retail sales.
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