Amazon makes tiny profit

AmazonDespite registering sales of $25.4 billion in its financial third quarter, Amazon only managed to record net income of $79 million.

However, that’s an improvement on the same financial period last year, where it made a net loss of $437 million.

Amazon said net sales grew by 23 percent in the third quarter, but recorder a $1.3 billion impact from changes in foreign exchange rates.

Most of the tiny profits appears to come from its cloud business – Amazon Web Services (AWS) –  where it continues to trounce more traditional IT companies.

Amazon Web Services, it said, had more than 19,000 attendees at its customer and partner conference and introduced AWS Snowball that can transfer 50TB of data per appliance for a fifth of the cost of high speed internet.

It also released AWS IoT (internet of things), which is a managed cloud platform to connect cars, factory floors, aircraft engine manufactures, and sensor grids.