Amazon posts strong revenue and profits, says it's in 'best position' it's ever been before holidays

abcnews.go.com:

Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business

NEW YORK — Amazon on Thursday reported strong revenue and profits from the summer months driven by growth in online sales and its advertising business.

For the three months that ended on Sept. 30, the company said it earned $143.1 billion in revenue, a 13% increase compared to the same period last year. Amazon made $9.9 billion in profits, topping analysts' expectations and sending its stocks higher in after-hours trading.

In a prepared statement, Amazon CEO Andy Jassy said the company had a strong quarter as its advertising business grew robustly and it improved its delivery speed.

Deliveries to Amazon's Prime customers have been getting faster under a model where warehouses in eight regions across the country serve smaller areas. On a call with reporters on Thursday, Amazon’s Chief Financial Officer Brian Olsavsky said, this year, packages were delivered at the fastest speed ever for U.S. customers.

“We're ready to make this a great holiday season for customers,” Olsavsky said, adding Amazon's operations network and inventory are in the “best position” its ever been heading into the holiday season.

Overall, consumers have have shown resilience in their spending despite rising interest rates and stubbornly high inflation that has steadily eased since last year. Excluding changes in foreign exchange rates, Amazon said Thursday its retail business grew by 6% during the third quarter. It was boosted by the company’s popular Prime Day sales event held in July. Amazon is also seeing strong customer demand across categories like beauty, health and personal care items, Olsavsky said.