Amazon might not yet be the clear winner in the race among tech giants over artificial intelligence. But it isn’t losing ground yet either.
The e-commerce titan’s third-quarter results late Thursday seemed to paint a mixed picture on that front. Total revenue of $143.1 billion was up 13% from the same period last year, which exceeded the 11% growth Wall Street was expecting. And operating income soared, hitting a record $11.2 billion compared with $2.5 billion in last year’s third quarter—exceeding analysts’ consensus target by nearly half. That was helped by sharp growth in advertising and third-party seller services—both of which offer superior profit margins compared with Amazon’s more typical retail sales.
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