It was a result worth $117 billion to investors as Amazon.com Inc (NASDAQ:AMZN) beat the Street with its third-quarter numbers.
After hours, shares in the online retailer and web servers group rose 6%, nudging the value of the business close to the $2 trillion mark.
Amazon reported $158.9 billion in revenue with $1.43 per share earnings, surpassing analysts’ projections of $157.29 billion in revenue and $1.16 earnings per share.
Amazon Web Services, a closely watched segment, posted $27.45 billion in revenue, aligning with analysts' projections.
Of particular note was the strong 11% operating margin, which exceeded Wall Street’s anticipated 9%.
For the fourth quarter, Amazon estimates revenue between $181.5 billion and $188.5 billion and anticipates operating income to range from $16 billion to $20 billion, both slightly above Wall Street’s expectations.
CEO Andy Jassy noted Amazon’s increased spending on generative artificial intelligence, labelling it a "once-in-a-lifetime" opportunity.
Its capital outlay is set to rise from $48.4 billion in 2023 to $75 billion in 2024, with further increases expected in 2025 to support growth in data centres and advanced AI hardware.