Amazon’s stock popped more than 9% on Thursday afternoon after the company reported huge growth in the third quarter, including in its cloud business, Amazon Web Services.
CEO Andy Jassy said AWS was “growing at a pace we haven’t seen since 2022.” He also called out particularly strong demand for its AI offerings.
“We continue to see strong demand in AI and core infrastructure,” Jassy said.
The company’s results exceeded Wall Street’s expectations, offering investors a sigh of relief, particularly as Amazon’s stock has been the laggard of the Magnificent Seven this year.
The report came after Amazon earlier this week said it would be cutting 14,000 jobs in one of the biggest rounds of layoffs in its history.
Amazon’s call with analysts is scheduled for 5 p.m. ET.