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amazon earnings q3

Amazon Earnings Q3: Record Growth Despite Economic Headwinds

Key Takeaways

* Amazon reported record revenue and earnings for the third quarter of 2023. * The company's cloud computing business, Amazon Web Services (AWS), continued to be a major growth driver. * Amazon's retail business also performed well, with strong growth in both online and physical stores.

In-Depth Analysis

Amazon's third-quarter earnings report was a bright spot in an otherwise gloomy economic environment. The company reported revenue of $149.2 billion, up 15% year-over-year. Net income came in at $12.1 billion, up 13% year-over-year. AWS was once again the star of the show, with revenue growing 27% year-over-year to $20.5 billion. AWS is now a $71 billion annual business, and it is a major profit center for Amazon. Amazon's retail business also performed well in the third quarter. Online sales grew 13% year-over-year, and physical store sales grew 12% year-over-year. Amazon is now the largest retailer in the world, and it continues to grow its market share. Amazon's strong performance in the third quarter is a testament to the company's resilience and its ability to execute in a challenging economic environment. The company is well-positioned to continue to grow in the years to come.

Implications for Investors

Amazon's third-quarter earnings report was a positive sign for investors. The company's strong performance shows that it is well-positioned to weather the current economic storm. Investors should consider adding Amazon to their portfolios as a long-term investment.