Hi there, it’s Rachyl Jones, the fellow covering tech. Amazon reported earnings on Thursday, and during the call with investors and analysts after the report went live, CEO Andy Jassy said customers are excited about the company’s AI products. If you didn’t catch it the first time, he said it seven more times.
He also gave Wall Street something to be excited about. “You look at the very substantial, gigantic new generative AI opportunity, which I believe will be tens of billions of dollars of revenue for AWS over the next several years,” he said. In the quarter ending Sep. 30, Amazon reported total sales of $143 billion, beating analyst expectations by $2 billion. Net income clocked in at $9.88 billion, more than triple what Amazon reported the same time last year. The company’s stock rose 7% to $129 per share since Thursday’s close, and a series of investment banks raised their target prices.
