Amazon CEO Says Prime Video Is Profitable and Generates ‘Tens of Billions of Dollars’ Annually; Content Spending Grew 7% in Q3 to $5.9 Billion

Amazon’s stock price is down after the ecommerce giant missed Q3 earnings estimates and ad revenue growth slowed in the quarter — while investors are rattled by its continued massive investment in AI infrastructure, which put a crimp in free cash flow.

But on the company’s earnings call, CEO Andy Jassy called out bright spots in the business where Amazon is seeing “momentum,” including Prime Video, which he said is now profitable “in its own right.”

More from Variety

“Prime Video has emerged as a significant business with a revenue run rate in the tens of billions of dollars, now profitable in its own right,” Jassy, who took over as Amazon’s CEO in 2021, told analysts.

Jassy continued, “We have momentum with hit shows like ‘Carrie,’ ‘The Summer I Turned Pretty,’ ‘The Boys,’ ‘Off Campus,’ ‘Reacher’ and ‘Fallout.'” Prime Video also has “breakout movies” like Amazon MGM Studios’ “Project Hail Mary,” along with “compelling live…