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Amazon CEO says retail business is being slept on
Andy Jassy said Amazon’s retail business still drives major ad returns as quarterly advertising revenue reached $19.6 billion and AWS revenue rose 39%.
- On Thursday, October 29, Amazon CEO Andy Jassy reported third-quarter net sales of $201.9 billion, up 12% year-over-year, emphasizing that retail remains an underestimated growth engine for the company.
- Advertising services generated nearly $20 billion during the third quarter, up 12%, while 12-month advertising revenue reached $78 billion as Amazon introduced new automated buying tools.
- Amazon Web Services revenue surged 39% to $46 billion, marking its fastest growth in five years, while Alexa shopping interactions grew 570% year-over-year with more than 400 million customers using the service.
- Jassy dismissed AI-powered shopping agents like Meta Muse as "not great," following Amazon's decision in September 2026 to block the service from its online store for violating customer terms.
- Amazon faces renewed scrutiny over advertising practices following an August lawsuit from the Federal Trade Commission and 22 state attorneys general, amid concerns about whether independent providers can verify automated performance.
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