Amazon reported Q3 results on October 29, with net sales up 12% to $201.9B, at the high end of the company’s guidance. As expected, the Prime Day shift into Q2 held back sales and advertising growth, leaving online stores revenue up just 2% (normally 10%+). AWS was more of the headline, accelerating to 39% growth, its fastest in nearly five years, with Amazon now projecting growth above 40% in both 2027 and 2028 and saying AWS could become a $1 trillion business within 5 to 10 years.
Vast selection, low prices, and record delivery speeds remain the core growth pillars of Amazon’s retail business, and management continued its push in grocery and same-day delivery. Management offered nothing on holiday expectations, no update on the tariff refunds disclosed last quarter, and no read on Prime Big Deal Days, which ran October 6-7 and falls in Q4.
Get Harvest Group’s full earnings recap with unique takeaways for suppliers here: