E-commerce giant Amazon has released its financial results for the quarter ended September 30, 2023.

In Q3, the company revealed that its revenue was $143.1 billion, posting a 13% increase YoY and rising above analyst expectations of $141.4 billion. Its profits stood at $9.9 billion.

The projections stand between $160 billion and $167 billion.

CEO Andy Jassy reportedly said that the strong quarter can be attributed to the company’s ad business growth.

Revenue from Amazon Web Services stood at $23.1 billion compared to analyst expectations of $23.09 billion. Its operating income was $6.98 billion, the highest since the first quarter of 2022.

The company’s central online stores reportedly posted $57.3 billion. Ad sales went up f26% to $12 billion