Amazon Reports Quarterly Sales Increase Amid AI Investments

Amazon has reported a significant increase in quarterly sales, attributing this growth to substantial investments in artificial intelligence (AI) and cloud services. For the third quarter ending September 30, 2024, the company posted revenue of $158.9 billion, an 11% increase compared to the same period last year. Net income rose to $15.3 billion, surpassing analysts’ expectations. ABC News

The company’s cloud computing division, Amazon Web Services (AWS), experienced a 19% sales increase, reaching $27.5 billion. This growth is largely driven by Amazon’s strategic investments in AI and data center infrastructure. CEO Andy Jassy highlighted the pervasive use of generative AI across Amazon’s operations, including AI-powered shopping and productivity tools. ABC News

Looking ahead, Amazon anticipates fourth-quarter revenues between $181.5 billion and $188.5 billion, reflecting optimism as the holiday season approaches. The company’s ongoing focus on AI and cloud services positions it to capitalize on emerging technological trends and maintain its competitive edge in the market. ABC News