CNBC October 31, 2024
Key Points
– Revenue growth at Amazon Web Services has accelerated year over year for five quarters in a row.
– The unit recorded its highest profit margin since at least 2014.
– Sales came in just shy of analysts’ estimates.
Amazon said revenue in its cloud unit increased 19% in the third quarter, just missing analyst estimates.
Revenue at Amazon Web Services totaled $27.45 billion, according to a statement Thursday, while Wall Street was expecting $27.52 billion, based on StreetAccount estimates. Year-over-year growth has accelerated for five consecutive quarters.
The artificial intelligence portion of AWS is in the billions of dollars in annualized revenue, more than doubling year over year, Amazon CEO Andy Jassy, who previously led AWS, said...
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