Amazon profit soars 55% in Q3 driven by cloud growth

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The story "Amazon profit soars 55% in Q3 driven by cloud growth" was covered 3 weeks ago by YourStory, a news publisher based in India.

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Amazon profit soars 55% in Q3 driven by cloud growth - YourStory

Quick Summary:

Amazon reported strong third-quarter results, with profit soaring 55.2%, fuelled by robust growth in its cloud computing business, which energised investor sentiment.

And so, I think we have proven over time that we can drive enough operating income and free cash flow to make this very successful return on invested capital business,” Jassy explained.“We expect the same thing will happen here with generative AI.

The Seattle-based company reported a bottom line of $15.3 billion in its third quarter ended September 30, 2024, compared with $9.9 billion earned in the year-ago period.