Amazon reports Q3 revenue up 12% YoY to $201.9B, net income down 2% to $20.7B, and operating income up 61% to $28.1B; AMZN drops 8%+ after hours
THE SO WHAT
A 61% jump in operating income to $28.1B and a 13.9% margin still weren’t enough to keep the stock from dropping—public markets are now pricing AI capex, not just current profitability. If you’re a public or late-stage private operator, expect scrutiny on how every AI dollar converts into durable margin, not just revenue growth.
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