Amazon’s revenue, earnings and ad business beat expectations, but couldn’t hide AWS’ issues in the AI era. Here’s why that matters.
’s third-quarter performance would have made investors giddy. The company beat expectations across multiple metrics, including revenue and earnings, thanks in part to a surging ad business. But its cloud group’s relatively lackluster performance muted Wall Street’s reaction. At least for now.appears to have reached a pivotal moment, with implications that may be deep for retailers and brands.
The scenario might be a bit embarrassing for chief executive officer Andy Jassy, who used to run AWS before he ascended into Jeff Bezos’ old role. But naturally he focused on the positives — including improvements in theend of the business — and chalked up the matter to instability in AWS growth that is still righting itself.
“There are a number of cross streams right now,” he said. “We have cost optimization work that is starting to slow down at least,” while new workloads from clients fill its cloud pipeline. It’s also worth noting that Amazon made a large investment in AI startup Anthropic during the third quarter, which should help.
Apparently this effort has been working. Growth in Amazon retail sales is ticking back up. In the third quarter, which included its big Prime Day sale in July, Amazon clocked sales up 7 percent over last year.
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