Tech

Amazon’s strong results signal boost for cloud business

Cloud unit sales increased 12% to $23.1 billion, a growth rate that was ‘just enough to keep the goblins away’

Amazon.com Chief Executive Officer Andy Jassy gave investors much of what they wanted this earnings season: robust sales and profit growth along with a hint that the cloud division earnings machine is regaining momentum.

While third-quarter revenue at Amazon Web Services, the cloud computing unit, fell just short of projections, Jassy said the business is stabilizing. The company signed several new deals with customers that took effect this month, and demand for generative artificial intelligence ...