Amazon triples third quarter profits to $9.9bn

Amazon has more than tripled profits to $9.9 billion in its third quarter ended 30 September.

The retail giant reported net income of $9.9 billion compared with $2.9 billion reported in the same period of 2022.

Net sales for the quarter increased by 13 per cent to around $143 billion from roughly $127 billion, with North America and international sales rising 11 per cent and 16 per cent to around $88 billion and $32 billion respectively.

Operating income also soared to $11.2 billion versus $2.5 billion in over the 12-week timeframe.

Amazon Web Services (AWS) was the highest performing segment at $7 billion compared to $5.4 billion last year.

North America operating income stood at $4.3 billion compared with an operating loss of $0.4 billion in the previous year's third quarter.

International segment operating losses shrank to $100 million compared with losses of $2.5 billion in the 2022 quarter.

“We had a strong third quarter as our cost to serve and speed of delivery in our stores’ business took another step forward, our AWS growth continued to stabilise, our advertising revenue grew robustly, and overall operating income and free cash flow rose significantly,” said Amazon chief executive Andy Jassy. “The benefits of moving from a single national fulfilment network in the US to eight distinct regions are exceeding our optimistic expectations, and perhaps most importantly, putting us on pace to deliver the fastest delivery speeds for Prime customers in our 29-year history.”

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