Amazon.com Inc reported strong results that showed a company humming on all cylinders, a testament to its efforts to cut and reallocate costs and put the cloud computing and e-commerce giant on sounder footing.
The Amazon Web Services cloud division, which suffered record low sales growth last year, continued to regain momentum during the third quarter. The online retail operation, which sputtered coming out of the pandemic, grew unit sales by double digits. So did revenue at Amazon's advertising business.
Total third-quarter revenue increased 11 percent to $158.9 billion, the company said Thursday in a statement, exceeding estimates. Operating profit was $17.4 billion, demolishing the average estimate of $14.7 billion.
"Amazon beat expectations in Q3 on the strength of the three pillars of its business: e-commerce, advertising and cloud services," said Sky Canaves, an analyst at Emarketer.
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