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What happened
On October 29, Amazon reported quarterly sales of $201.9 billion, up 12% year over year. AWS sales rose 39% to $46 billion, while companywide operating margin reached 13.9%. Trailing twelve-month free cash flow was negative $42.4 billion, mainly due to AI infrastructure investment.
Why it matters
Cloud contributes an increasing share of Amazon’s profitability, while data-center spending makes the timing of cash returns important.
Rockstar Briefing analysis
The contrast between AWS growth and negative free cash flow illustrates the cost of financing AI expansion. One strong quarter does not resolve uncertainty over future investment returns.
Original source · AI-generated illustration.
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