Apple, Amazon post surging net profits in July–September

By Dilara Zengin Okay and Emir Yildirim

WASHINGTON (AA) — American tech giant Apple posted $27.6 billion in net profits with a surge of 86%, while US-based e-commerce behemoth Amazon recorded $180.2 billion in net profits with a rise of 13%, according to the firms’ respective financial results for July–September.

Apple posted record revenues in the three-month quarter ending Sep. 27, which the firm defines as its fourth quarter.

Apple’s net sales climbed 8% on an annual basis to $102.5 billion, while its iPhone sales rose 6% to $49 billion, Mac sales surged 13% to $8.7 billion, and iPad sales reached $6.9 billion.

Meanwhile, Amazon’s net sales rose 13% year-on-year to $180.2 billion in what the firm defines as its third quarter.

The Amazon Web Services (AWS) cloud computing service sales surged 20% to $33 billion, and the e-commerce giant’s earnings per share rose from $1.43 to $1.95.

Amazon said it expects net sales between $206 billion and $213 billion for the fourth quarter, led by strong momentum due to artificial intelligence (AI) reportedly bringing improvements to its business, according to the official statement.