Amazon reports higher sales and earnings on fast-growing web services business

Amazon posted higher fiscal third quarter profit and sales compared with a year ago, fuelled by accelerating growth in its cloud computing business and strong spending by its customers looking for low prices at a time when inflation is resurging. The results, announced Thursday, beat Wall Street expectations. The company’s prominent cloud computing arm also surpassed analysts’ expectations, rising 20 per cent. But Amazon issued a cautious sales outlook for the fiscal fourth quarter. Shares,...