LOS ANGELES — Amazon announced a significant increase in its quarterly profits on Thursday, surpassing revenue forecasts and causing its stock to rise in after-hours trading.

During the quarter that concluded on September 30, the Seattle-based company reported a revenue of $158.9 billion, exceeding analysts’ expectations of $157.28 billion.

The tech giant revealed an impressive net income of $15.3 billion, which is notably higher than the $12.21 billion that industry analysts, as surveyed by FactSet, had predicted. This marks an increase from the $9.9 billion profitability reported during the same quarter last year. Earnings per share stood at $1.43, surpassing the forecast of $1.14 from analysts.

According to Amazon, net sales grew by 11% compared to the third quarter of the previous year.

This earnings report provides a crucial insight into Amazon’s performance just before the start of the holiday shopping season, which is historically the busiest time for retail businesses.

“As we enter the holiday season, we’re thrilled about what lies ahead for our customers,” stated Andy Jassy, Amazon’s president and CEO. He added, “We kicked off the holiday season with our biggest-ever Prime Big Deal Days and an all-new Kindle lineup that has significantly exceeded our expectations; and there is a lot more to come.”

These results come on the heels of similar earnings reports from other technology powerhouses including Microsoft, Meta, and Alphabet, the parent company of Google.