Amazon Revenues Surged 13 Percent to $143.1 Billion in Q3

Online retailing giant Amazon reported that it earned a net income of $9.9 billion on revenues of $143.1 billion in the quarter ending September 30, 2023. Those figures represent gains of 341.8 and 13 percent, respectively.

“We had a strong third quarter as our cost to serve and speed of delivery in our Stores business took another step forward, our AWS growth continued to stabilize, our Advertising revenue grew robustly, and overall operating income and free cash flow rose significantly,” Amazon CEO Andy Jassy said. “Between AWS re:Invent and our 29th holiday shopping season, this is a particularly action-packed time of year at Amazon and we’re excited for what’s to come.”

Amazon’s earnings announcements are always devoid of hard numbers, with the company instead relaying a long string of milestones from the previous quarter instead. But the firm says it’s “on pace to deliver the fastest delivery speeds for Prime customers in [its] 29-year history,” and has landed significant customer wins for AWS generative AI technologies.

In its post-earnings conference call, we also learned that AWS revenues in the third quarter jumped 12 percent to $23.06 billion, a bit lower than expected, and less than the $24.3 billion that Microsoft’s Intelligent Cloud business recorded. (Microsoft invents a pretend business called Microsoft Cloud for AWS comparisons that came in at $31.8 billion.)

AWS might have come in a bit lighter than expected, but Amazon’s ad business outperformed expectations with $12.1 billion in revenues.