(MENAFN) American technology leader Apple announced net profits of $27.6 billion, marking an 86% increase, while U.S.-based e-commerce powerhouse Amazon posted net earnings of $180.2 billion, reflecting a 13% rise, according to the companies’ financial statements for the July–September period.

Apple achieved record-breaking revenue in the quarter ending September 27, which the company classifies as its fourth quarter.

The tech giant’s net sales grew 8% year-on-year, reaching $102.5 billion. iPhone revenue increased by 6% to $49 billion, Mac sales climbed 13% to $8.7 billion, and iPad sales totaled $6.9 billion.

On the other hand, Amazon reported a 13% annual increase in net sales, reaching $180.2 billion for what the company calls its third quarter. Its cloud computing division, Amazon Web Services (AWS), saw sales surge 20% to $33 billion, while earnings per share rose from $1.43 to $1.95.

Looking ahead, Amazon projects net sales of $206 billion to $213 billion for the fourth quarter.

The company cited continued strong momentum, attributing improvements in its business to advancements in artificial intelligence (AI), according to its official statement.

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