Tech firm Amazon has posted its Q3 earnings report, showing modest growth in sales and operating profit across all of its segments, as per an official press release.
CEO Andy Jassey has said that AI will play a key role in making the company’s operations more efficient, but also lead to a smaller workforce.
Net sales for the quarter were $180.2 billion, up by 13% on a year-over-year basis. Operating cash flow was $130.7 billion on a trailing 12-month basis, while free cash flow was $14.8 billion over the same period.
“We continue to see strong momentum and growth across Amazon as AI drives meaningful improvements in every corner of our business,” said CEO Andy Jassey.
Jassey has taken note of the AI boom and the firm’s role in growing the infrastructure for it.
“AWS is growing at a pace we haven’t seen since 2022, re-accelerating to 20.2% YoY. We continue to see strong demand in AI and core infrastructure, and we’ve been focused on accelerating capacity – adding more than 3.8 gigawatts in the past 12 months,” he also said.
The update comes as the company is planning thousands of job cuts across multiple roles, targeting 30,000 roles, as per a Reuters report. If implemented, the cuts will represent 10% of the company’s workforce—another report by Fortune magazine suggested that the company was planning to implement a 15% cut in the HR department.
Source: Google Finance
Amazon shares closed 3.23% lower on Thursday at a price of $222.86.