>> US tech giants Amazon and Google both making big deliveries on earnings. On Thursday Amazon reporting a 30% plus jump in quarterly revenue thanks to strong sales on prime day, and strong demand for it's cloud service for companies. Google clicking in over 20% on the back of it's mobile ad growth.
Amazon has been stealing business away from older big bucks rivals, and it's acquisition of whole foods in August, has them on edge. Reuters correspondent, Jeffrey Daston.>> Amazon trounced expectations on Wall Street for it's profit in the third quarter. It posted some $256 million when analysts were just expecting less than 8 million.
And the reason they expected that is because over the years Amazon's profit has been like a rollercoaster. It takes it's sales and then whatever profit it has invested back into the business, so it can outsmart and outspend its competitors. But now it seems that at least its growing fast enough that it still can make money on the side.
>> Still its running on razor thin profit margins compared to its peers as it builds warehouses around the world. It's also stepping up its spending on video from original television shows to live sports. And on Thursday the St. Louis Post Dispatch reported Amazon gained approval from a number of state pharmaceutical boards to become a wholesale distributor.
That immediately spooked pharmacy chains, drug wholesalers, and pharmacy benefits manager Express Scripts, sending shares down across the sector. And Amazon spokesperson telling Reuters, it doesn't comment on rumors or speculation.