Amazon: Third Quarter Sales Jump 13%; Net Income Triples to Nearly $10 Billion
Net sales at Amazon in the third quarter ended September 30 rose 13%, to $143.1 billion, and net income more than tripled, to $9.9 billion. Operating income overall jumped more than fourfold, to $11.2 billion. North American sales rose 11%, to $87.9 million, and North American operating income was $4.3 billion, compared to an operating loss of $400 million in the same quarter in 2022. International sales rose 16%, to $32.1 billion (without favorable currency exchange rates, international sales were up 11%), and the international operating loss was $100 million, compared to an operating loss of $2.5 billion in the same period a year earlier. Sales in AWS, Amazon's cloud division, rose 12%, and its operating income was almost $7 billion, and the company said AI will be a major element in its growth in the future.
Sales and income were above analysts' estimates, leading to a jump in Amazon's share price of more than 5%, to about $123, after the market closed yesterday.
Amazon CEO Andy Jassy commented in part: "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 stabilize, our advertising revenue grew robustly, and overall operating income and free cash flow rose significantly. The benefits of moving from a single national fulfillment network in the U.S. 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. The AWS team continues to innovate and deliver at a rapid clip, particularly in generative AI."
The Wall Street Journal noted, "Amazon has been trying to engineer a rebound in its core e-commerce business following a slowdown after pandemic-induced heights. The company has reined in costs across its North America business, slashing roughly 27,000 corporate jobs and streamlining its operations following a cost-cutting review.... It has also said it saved costs through an overhaul of its delivery operations meant to place packages closer to customers."
Andrew Lipsman, an e-commerce researcher at Insider Intelligence, told the Journal, "Amazon has gone through a slog of tough quarters, a lot which were driven by headwinds as a result of inflation, and that has eased."
Amazon noted that it will hire "250,000 full-time, part-time, and seasonal employees in the U.S. this holiday season," and its "new average hourly wage for customer fulfillment and delivery roles" is more than $20.50 per hour.
Amazon predicted that net sales in the fourth quarter should grow 7%-12%, to between $160 billion and $167 billion. Operating income should be between $7 billion and $11 billion, compared to $2.7 billion in the fourth quarter last year.












The French Academy has warned that 
"The
More than 300 fans showed up to meet popular YouTuber Max Miller, author of Tasting History (Simon Element/S&S), at
Congratulations to
"Do you like mysteries? Come in and solve
My Grandfather's Song
Book you're an evangelist for:
With Invisible Woman, Katia Lief (Five Days in Summer; The Money Kill) follows a woman navigating professional life, family, friendship, and societal roles, attempting to reconnect with an old friend whose path diverged from hers decades ago. Their stories are individually compelling, as they also offer up questions relevant to the #metoo era.

I love this little story, which oddly inspired me to wonder: What would it be like to be a frontline bookseller in an airport concourse indie?
Simple Flying recently noted that of "all the shops,
For the Insider, Gabbi Shaw observed: "As any New Yorker could tell you, LaGuardia Airport used to be one of the worst places on Earth, but since it's been renovated, the experience has been significantly better.