Amazon's Earnings Soar, AI Momentum Builds

Amazon reported better-than-expected third-quarter earnings and revenue growth, with adjusted earnings of 94 cents per share and revenue of $143.1 billion. The company's cloud services business, Amazon Web Services (AWS), saw a 12% increase in sales to $23.1 billion, slightly missing expectations. However, AWS CEO Andy Jassy noted that deal momentum for AWS had picked up, particularly for its generative AI products. Amazon's e-commerce sales were up 7% to $57.3 billion, and its advertising division saw a 26% increase in revenue to $12.1 billion. Amazon stock rose more than 5% in after-hours trading following the earnings report.