Amazon forecast profit and revenue in the current quarter that exceeded analysts’ estimates, on optimism for a strong holiday shopping season.
Operating income will be $16 billion to $20 billion in the period ending in December, the company said on Thursday in a statement.
Analysts, on average, projected $17.5 billion, according to data compiled by Bloomberg. Fourth-quarter sales will be as much as $188.5 billion, compared with an average estimate of $186.4 billion.
“As we get into the holiday season, we’re excited about what we have in store for customers,” chief executive Andy Jassy said in the statement.
The cloud business, which suffered record low sales growth last year, continued to regain momentum during the third quarter. Amazon Web Services revenue jumped 19 per cent to $27.5 billion, in line with estimates.
Operating income generated by the unit was $10.4 billion, exceeding analysts’ average projection of $9.12 billion.
Mr Jassy is betting heavily on the boom in generative artificial intelligence, which can create text, video and images based on simple user prompts.
Having spent the past couple of years wooing Wall Street by cutting costs and streamlining Amazon’s logistics operation, he is now pouring money into new data centre construction to support the AI boom, even as some investors worry the payoff may take years to materialise.
Amazon shares rose about 4 per cent in extended trading after closing at $186.19 in New York. The stock had increased 23 per cent this year through the close.
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
States of Passion by Nihad Sirees,
Pushkin Press
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Company%20Profile
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More about Middle East geopolitics
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UAE currency: the story behind the money in your pockets
