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Amazon has made its first financial disclosures since the disastrous outage suffered by its cloud computing division that brought everything from smart beds to banks offline.
In spite of the global outage, Amazon Web Services has continued to grow, and this quarter reported a 20% increase in revenue year over year. Wall Street estimated that AWS would bring in $32.42bn in net sales in the third quarter, with the company reporting actual revenue of $33bn.
“AWS is growing at a pace we haven’t seen since 2022,” CEO Andy Jassy said in a statement accompanying the earnings report.
The strong third-quarter earnings, which exceeded analysts’ expectations, led the company’s stock to spike up about 9% in after-hours trading.
The earnings report highlighted Amazon’s desire to compete with competitors that have managed to capitalize more aggressively on the AI boom. Amazon’s stock has lagged behind some rivals in big tech, and its e-commerce business has been more susceptible to the effects of the Trump administration’s sweeping and unpredictable tariff policies than firms more focused on software.
The tech company, worth some $2.4tn, revealed that it easily beat Wall Street expectations through growth in its cloud computing services. Market analysts had predicted that Amazon would report $1.58 earnings per share and a net sales revenue of $177.82bn. The company reached $180.17bn in revenue and $1.95 earnings per share.
AWS has faced increasing competition from alternative providers such as Google Cloud and Microsoft Azure, with the latter’s partnership with OpenAI and reports of strong growth in its cloud business driving up its share price.
Yet AWS is still a backbone of much of the modern internet, with an inadvertent show of its power taking place earlier this month when a glitch in the company’s cloud computing took websites, apps, tech products and critical communications systems, such as electronic hospital records, offline. The outage affected millions of people and lasted hours, underscoring how reliant many parts of everyday life are on Amazon’s products.
At Amazon headquarters, the company confirmed plans earlier this week to lay off 14,000 corporate workers, while further job cuts are expected throughout the company. The tech company publicly announced the cuts in a post on its website titled “Staying nimble and continuing to strengthen our organizations”, which referenced advancements in AI and claimed the company wanted to “operate like the world’s largest startup”.
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“What we need to remember is that the world is changing quickly,” Amazon’s post stated. “This generation of AI is the most transformative technology we’ve seen since the Internet, and it’s enabling companies to innovate much faster than ever before.”
Jassy suggested in a blog post earlier this year that the company’s investments in AI would mean that Amazon needs “fewer people doing some of the jobs that are being done today”.
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Coinbase shares ticked up nearly 3% Thursday as the digital assets company posted better-than-expected financial results, largely fueled by a resurgence in retail and institutional crypto trading on its platform, even as tokens are now just one of several assets at the center of its “everything exchange” vision.
In the quarter ended Sept. 30, Coinbase net income rose to $432.6 million, or $1.50 per share, from $75.5 million, or 28 cents per share, a year ago. Earnings topped the consensus estimate of $1.10 per share reported by LSEG.
Revenue rose to $1.87 billion from $1.21 billion in the same quarter last year, and was higher than analysts’ expectations of $1.8 billion.
Revenue tied to transactions rose to $1 billion, up 37% from the second quarter.
The centralized crypto exchange’s beat came amid a resurgence in crypto trading fueled by U.S. federal regulators’ continued efforts to ratchet back regulations on digital assets firms under President Donald Trump. Also, steadying trade relations between the U.S. and China during the summer months improved investor sentiment.
Coinbase also benefited from a marked increase in revenue linked to institutional activity on its platform following its nearly $3 billion acquisition of derivatives exchange Deribit.
Consumer trading activity on the platform jumped to $59 billion, up 37% from the previous quarter. Transaction revenue from retail brought in $844 million, marking a 30% increase quarter-over-quarter.
On the institutional side, Coinbase notched $135 million in revenue on transactions in the third quarter, marking a 122% increase from the previous quarter, while trading volume from institutions on the exchange came in 22% higher quarter-over-quarter at $236 billion for the third quarter.
Although Coinbase notched considerable gains from crypto-related transactions, CEO Brian Armstrong told investors tokens are just one component of the company’s “everything exchange” strategy unveiled earlier this year.
“The ‘everything exchange’ is really central to the next chapter of what we’re building,” Armstrong said during the company earnings call. He said the company increased the number of tradable assets on its platform to 40,000 from 300 in the third quarter. “Now we’ve been heads down working on the next pieces of that, because we think that every asset class is going to come on chain, and our customers are asking for this, too,” he said.
As part of the strategy, Coinbase is integrating prediction markets, tokenized equities and other offerings into its platform. The exchange’s widening focus is paramount to its future growth as the market for all kinds of digital assets becomes not only larger, but more competitive amid regulatory tailwinds, according to Armstrong.
“We’ve spent a lot of time getting regulatory clarity … and that’s starting to bear fruit, which is great. It’s growing the [total addressable market] of crypto,” Armstrong said. “But it does mean that lots of new competition is coming in, and so we need to make sure we’re executing well.”
PALM BEACH GARDENS, Fla., Oct. 30, 2025 /PRNewswire/ — Carrier Global Corporation (NYSE: CARR) Chairman & CEO David Gitlin and Senior Vice President & CFO Patrick Goris will speak at the Baird 2025 Global Industrial Conference on Wednesday, November 12, 2025, at 12:00 p.m. CT (1:00 p.m. ET).
The event will be broadcast live at ir.carrier.com. A webcast replay will be available on the website following the event.
About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit corporate.carrier.com or follow Carrier on social media at @Carrier.
Noor Nanji
