Amazon.com beat market estimates for quarterly revenue on Thursday, boosted by strong growth in its cloud services unit thanks to growing enterprise spend on AI.
Shares of the company were up 6 per cent in extended trading.
Amazon Web Services, the company’s cloud business, reported a 19 per cent increase in sales to $27.5 billion, in line with estimates, according to LSEG data.
The rise at the leading cloud provider compares with a 33 per cent jump at Microsoft’s Azure and a 35 per cent surge at Google Cloud for the July-September quarter.
Seattle-based Amazon said sales in its North America segment rose 9 per cent to $95.5 billion in the third quarter.
It reported earnings of $1.43 per share, compared with expectations of $1.14 per share.
The company reported revenue of $158.9 billion in the third quarter ended September, compared with analysts’ average estimate of $157.20 billion, according to LSEG data.
