Business
business
Jon Keegan
10/31/24

AI cloud computing and ads drive Amazon profits up 54%

Amazon soundly beat expectations with its third-quarter earnings, posting a ​​$15.3 billion profit for the quarter — a 54% increase year over year — with revenues of $158.9 billion growing 11% from last year. Amazon also beat estimates for earnings per share, coming in at $1.43.

“We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there’s so much more coming, from tens of millions of deals, to our NFL Black Friday game and Election Day coverage with Brian Williams on Prime Video, to over 100 new cloud infrastructure and AI capabilities that we’ll share at AWS re:Invent the week after Thanksgiving,” Amazon CEO Andy Jassy said in a press release.

As it gears up for the crucial holiday season, Amazon said it plans to hire 250,000 people across the US.

Amazon’s massive advertising business was in-line with expectations, growing 22% year over year to $14.3 billion in sales.

Across the tech industry, companies are spending enormous amounts to build out capacity for AI. In Q3, Amazon’s capital expenditures grew a whopping 81% to $22.6 billion.

Sales for Amazon’s cloud business, AWS, grew 19% year over year to $27.5 billion, as customers turn to the platform for its growing AI-computing offerings.

Bloomberg reported this week that a new AI-enabled version of Amazon’s Alexa voice assistant is plagued by technical challenges, and has been delayed until 2025.

Investors liked what they heard, and Amazon’s stock was up about 4% in after-hours trading.

Amazon.com Announces Third Quarter Results

Amazon.com Announces Third Quarter Results

“We kicked off the holiday season with our biggest-ever Prime Big Deal Days and the launch of an all-new Kindle lineup that is significantly outperforming our expectations; and there’s so much more coming, from tens of millions of deals, to our NFL Black Friday game and Election Day coverage with Brian Williams on Prime Video, to over 100 new cloud infrastructure and AI capabilities that we’ll share at AWS re:Invent the week after Thanksgiving,” Amazon CEO Andy Jassy said in a press release.

As it gears up for the crucial holiday season, Amazon said it plans to hire 250,000 people across the US.

Amazon’s massive advertising business was in-line with expectations, growing 22% year over year to $14.3 billion in sales.

Across the tech industry, companies are spending enormous amounts to build out capacity for AI. In Q3, Amazon’s capital expenditures grew a whopping 81% to $22.6 billion.

Sales for Amazon’s cloud business, AWS, grew 19% year over year to $27.5 billion, as customers turn to the platform for its growing AI-computing offerings.

Bloomberg reported this week that a new AI-enabled version of Amazon’s Alexa voice assistant is plagued by technical challenges, and has been delayed until 2025.

Investors liked what they heard, and Amazon’s stock was up about 4% in after-hours trading.

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business
Max Knoblauch
17h

Amazon is testing adding GM electric vans to its EV delivery fleet dominated by Rivian

Rivian may have some competition in its electric delivery van division: Bloomberg reports that Amazon is testing a small number of GM’s BrightDrop vans for its fleet.

According to Amazon, the test currently only includes a dozen of the vehicles. Amazon’s fleet also contains EVs from Ford, Stellantis, and Mercedes-Benz.

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

Amazon Tests GM EV Delivery Vans in Bid to Meet Climate Goals

GM debuted BrightDrop in 2021, but the vehicles have struggled to sell and piled up on GM lots due to high prices and steep competition. GM began offering up to 40% rebates on the vehicles this year.

The test comes as Rivian struggles through tariffs and the end of EV tax credits. Earlier this year, it lowered its annual delivery outlook by about 13%. As of June, Amazon said it has more than 25,000 Rivian vans across the US. Earlier this week, Rivian CEO RJ Scaringe said the company is still on track to deliver 100,000 vans to Amazon by 2030 and is “thinking about what comes beyond” that initial target.

GM has sold 1,592 BrightDrop vans through the first half of the year, more than the full-year total it sold in 2024.

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Chris Stokel-Walker21h
Claire Yubin Oh
soup season
23h
Shake Shack is launching a French onion soup... burger

The fast-casual chain will be hoping premium upsells can fatten up its profit margins.

Shake Shack French onion soup burger
business
Nia Warfield
9/11/25

Paramount Skydance reportedly preparing an Ellison-backed Warner Bros. Discovery takeover bid, sending shares soaring

Paramount Skydance is preparing a majority cash bid for Warner Bros. Discovery, The Wall Street Journal reported, sending shares of both companies surging. The Journal’s sources say the deal is backed by the Ellison family, led by David Ellison.

WBD shares were up 30% on the report, while Paramount Skydance jumped 8%.

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

Exclusive | Paramount Skydance Prepares Ellison-Backed Bid for Warner Bros. Discovery

The offer would cover WBD’s entire business — cable networks, movie studios, the whole enchilada. That comes after WBD announced plans last year to split into two divisions: one for streaming and studios, the other for its traditional cable and TV assets. A recent Wells Fargo note gave WBD a price target hike, primarily because the analysts viewed it as a prime takeover candidate.

If the deal goes through, it would bring together HBO, CNN, DC Studios, and Warner Bros.’ film library with Paramount+, Nickelodeon, and MTV, all under one umbrella.

Max Knoblauch
9/10/25
As tariffs take root, August new vehicle prices climb by the most in more than 2 years

According to data from Cox Automotive, 17 vehicle brands raised prices of their new vehicles by more than 3% in August.

Ford Issues Recalls On Some Of Its Mach-E Mustangs And Aviators

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