SEATTLE — Amazon has released its third-quarter earnings, showing revenue growth well above expectations.
The news pushed the company’s share price up by 13%.
Amazon Web Services (AWS) saw a strong performance, particularly in its cloud computing division, which generated $33 billion—a 20% increase in revenue.
Overall, Amazon reported $180.17 billion in total earnings, surpassing financial analysts’ predictions.
The results come shortly after the company laid off thousands of employees on Wednesday.
CEO Andy Jassy stated that the cuts were not related to Amazon’s push to expand its use of artificial intelligence.
Instead, Jassy cited company culture, explaining that the layoffs were intended to speed up decision-making processes.
On Wednesday, Amazon confirmed the elimination of 14,000 corporate roles.
In a memo posted to the corporate website and shared with employees, called “Staying nimble and continuing to strengthen our organizations,” Senior Vice President of People Experience and Technology, Beth Galetti, said that the company wants “to operate like the world’s largest startup” and it needs “the right structure to drive that level of speed and ownership, and the need to be set up to invent, collaborate, be connected, and deliver the absolute best for customers.”
According to Reuters, as many as 30,000 roles may be on the chopping block as part of these organizational changes.
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