Amazon reports boost in quarterly profits, exceeds revenue estimates as it invests in AI
Amazon reported a boost in its quarterly profits Thursday and exceeded revenue estimates
By SARAH PARVINI
Published - Oct 31, 2024, 07:24 PM ET
Last Updated - Dec 16, 2024, 05:45 PM EST
LOS ANGELES (AP) — Amazon reported a boost in its quarterly profits Thursday and exceeded revenue estimates, sending the company's stock up in after-hours trading.
For the three months that ended on Sept. 30, the Seattle-based tech giant posted a revenue of $158.9 billion, higher than the $157.28 billion analysts had expected.
Amazon said it earned $15.3 billion, higher than the $12.21 billion industry analysts surveyed by FactSet had anticipated. Amazon earned $9.9 billion during the same period last year. Earnings per share were $1.43, higher than analysts’ expectations of $1.14.
Net sales increased 11% compared with the third quarter of 2023, Amazon said.
