Amazon beats estimates on revenue, cloud and AI growth; stock surges

With strong showings in both its retail and cloud computing divisions, Amazon’s financial results for the third quarter soared past Wall Street expectations Thursday, two days after it announced historic layoffs.

The Seattle-based tech giant reported $180.2 billion in revenue between July and September against analysts’ estimates of $177.8 billion. Amazon’s cloud division, Amazon Web Services, also posted $33 billion in sales, beating estimates.

The company pulled in $21.2 billion in profit for the quarter as well.

“We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business,” Amazon CEO Andy Jassy said in a news release. “AWS is growing at a pace we haven’t seen since 2022.”

The company’s stock jumped by as much as 10% when after-hours trading opened.