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Amazon's Q3 revenue and profit exceeded expectations due to the growth of cloud computing and advertising business.
Due to the growth in cloud computing and advertising business, amazon's revenue and profit in the third quarter exceeded expectations. The stock price slightly rose in after-hours trading. The company's third-quarter revenue was $158.88 billion, compared to market expectations of $157.2 billion. The profit was $1.43 per share, while the market expected $1.14 per share. In the cloud computing sector, Amazon Web Services (AWS) revenue was slightly below market expectations but grew faster than the same period last year. Sales increased by 19% this quarter, compared to a mere 12% growth in the same period last year. Last year, due to customers cutting budgets due to economic concerns, the company's cloud business growth was affected.
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