Amazon warns of a a weak holiday season
New York CNN Business — For years, investors waited eagerly for Amazon to turn a profit consistently. Still, Amazon turned a $2.9 billion profit for the three months ending in September, marking its largest profit to date and the fourth consecutive quarter in which profits topped $1 billion. “Amazon continued to demonstrate that its various investments are resonating with its very broad and fast-growing customer base, with impressive results across the board,” Charlie O’Shea, Moody’s lead retail analyst, said in a statement. On a conference call with analysts Thursday, Amazon CFO Brian Olsavsky credited the surge in profits to “strong growth” in two key divisions: Amazon Web Services and Amazon’s nascent advertising business. Amazon Web Services, which remains the leader in the fast-growing cloud computing market, saw sales jump 46% from the prior year to $6.7 billion.
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