Amazon (AMZN) shares continued to gain ground in late trading on Thursday with the company’s earnings call highlighting the advancements in its cloud computing segment, new features on its ecommerce site,

The domination of e-commerce is inevitable and will only come faster thanks to the emerging technology, even if physical stores represent opportunity for now, Andy Jassy told analysts Thursday.

Amazon's CEO Andy Jassy aims to make the company the world's largest startup — creating efficiency for the AI era.

Amazon CEO Andy Jassy said that even without counting Whole Foods — the high-end grocery store chain it bought in 2017 — and Amazon Fresh, the company's grocery business put up more than $100 billion of gross merchandising sales over the last 12 months.

Amazon’s cash tax payments fell 45% in the third quarter, driven largely by the One Big Beautiful Bill Act of 2025, even as profits surged 38%. The new U.S. law, championed by President Trump, allows companies to immediately deduct equipment and R&D costs — boosting investment in AI infrastructure while cutting near-term tax bills.

The sweeping layoffs mark another major contraction under CEO Andy Jassy, who has slashed tens of thousands of roles since taking over in 2021.

The move follows CEO Andy Jassy’s ongoing cost-cutting initiative. Last year, Jassy emphasized the need to “reduce layers, increase ownership and help reduce bureaucracy.”