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Amazon’s AI Bets and Cost-Cutting Measures Pay Off, Boosting Stock by 5%

by THEFUTURE.TEAM

November 1, 2024

Shares of Amazon surged over 5% in after-hours trading on Thursday after the company reported stronger-than-expected third-quarter earnings. Amazon announced earnings per share of $1.43, alongside revenue reaching $158.9 billion, surpassing analyst projections of $1.14 per share and $157.2 billion in revenue, according to FactSet.

Key Financial Highlights

North American Sales: Amazon’s North American segment recorded a 9% year-over-year sales increase, totalling $95.5 billion.
AWS Growth: Amazon Web Services (AWS), the company’s cloud unit, posted $27.5 billion in revenue, marking a 19% rise compared to the same period last year.
Stock Movement: Although Amazon’s stock initially fell over 3% on Thursday before earnings were released, it rebounded significantly in after-hours trading. So far, Amazon shares are up almost 24% year-to-date.

Background on Amazon’s Strategy

Amazon’s recent efforts include major cost-cutting moves, guided by CEO Andy Jassy, to streamline operations since 2022. This restructuring has led to over 27,000 layoffs and the closure of initiatives such as Amazon’s telehealth and same-day delivery services. Despite these reductions, Amazon is doubling down on other key areas, like a $52 billion investment in nuclear energy to support data centers in Virginia, Mississippi, and Ohio. The company is also moving forward with **Project Kuiper**, aiming to build a satellite network of 3,236 units to broaden internet access worldwide—a venture projected to involve over $10 billion in launch costs across five years, according to analysts from Wedbush Securities.

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Amazon’s Market Reach

July’s Prime Day achieved “record-breaking sales,” while the introduction of Amazon’s AI-powered shopping assistant, **Rufus** was rolled out to U.S. customers last month. Notably, Amazon had slightly missed expectations in the previous quarter and cautioned that intense news cycles could distract customers—a factor cited by CFO Brian Olsavsky during the second-quarter earnings call. Despite these challenges, the company’s annual revenue is expected to remain strong.

Noteworthy Figures

Amazon’s market capitalization has reached $1.96 trillion, making it the fifth-largest company globally, trailing behind Apple, Nvidia, Microsoft, and Google. Meanwhile, Jeff Bezos, who served as Amazon’s CEO until 2021, holds a net worth of $204.1 billion, much of which is tied to Amazon’s stock. Market fluctuations ahead of Amazon’s earnings report momentarily decreased Bezos’ wealth by around $6 billion. Bezos ranks as the second-richest American, after Elon Musk, on the Forbes 400 list.

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One In Three Cypriots Open To Using Digital Euro

by News Editor

August 19, 2026

Around one in three Cypriots say they would use the digital euro in their daily lives, despite limited awareness of the new form of money, according to the first islandwide survey published by the Central Bank of Cyprus.

With the first issuance currently expected in 2029, the findings suggest that public education will be crucial, particularly among people who rely more heavily on cash or have less experience with digital tools.

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Awareness Remains Low

Some 61% of respondents say they have no knowledge of the digital euro, while just 1% consider themselves fully informed.

Awareness is higher among people under 65, those with tertiary education and employed respondents. Among those who have heard of the digital euro, awareness is also more common among men, higher-income and more highly educated people, as well as urban residents.

Social media is the leading source of information, cited by 49% of respondents, followed by television at 30%.

35% Would Use The Digital Euro

Despite the knowledge gap, 35% say they are willing to use the digital euro in their daily lives. This is particularly true among people under 45, employed respondents and those with higher education and incomes.

Among potential users, 41% would use it for purchases in physical shops, 40% for online shopping and 33% for person-to-person payments.

By comparison, 28% say they are somewhat or very unlikely to use the digital euro.

Privacy And Cash Are Main Concerns

The biggest concerns are the possibility of transactions being tracked and fears that cash could eventually be abolished, cited by 53% of respondents.

Another 38% are concerned about security, while 25% worry about managing their spending. Some 30% have significant concerns about the ease of using the digital euro.

For businesses, 9% say their willingness to accept digital euro payments would depend on factors such as cost, ease of implementation and demand, while 27% say they would not accept such payments.