AMZN: Amazon Stock Jumps 5.4% as Profits Triple to $10B on AI-Driven Sales in Cloud

The software giant beat on both revenue and net income guidance as demand for AI-enabling services soared.

• Amazon stock AMZN is looking to open 5.4% to the upside Friday after the company posted a whopping quarterly profit. For the three months to September, the software powerhouse notched $9.9bn in profits, more than triple from a year ago, and eclipsed expectations of $6.05bn.
• Translated to earnings per share, Amazon scooped up 94 cents a share, comfortably above the Wall Street consensus call of 58 cents. Revenue for the quarter came in at $143bn, a 13% increase, beating analysts’ $141.5bn forecast. Fourth-quarter guidance now sits at $160bn to $167bn in sales.
• Strong sales in Amazon’s cloud-computing, Amazon Web Services, or AWS, boosted both the top and bottom line, sales and profit. Chief executive Andy Jassy noted that AWS revenue rose 12% to $23.1bn on elevated business demand for the company’s AI platform, named Bedrock.