Amazon posted higher fiscal third-quarter profit and sales compared with a year ago, fuelled by accelerating growth in its cloud computing business and strong spending by its customers looking for low prices at a time when inflation is a concern.
The results, announced Thursday, beat Wall Street expectations and regained investors' confidence in the company's prominent cloud computing arm. Amazon’s AWS cloud unit reported 20% year-on-year growth, following a 17.5% growth in the fiscal second quarter. Andy Jassy, president and CEO of Amazon, noted in a statement that AWS is growing at a pace it hasn't seen since 2022.
