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Amazon is finally a services company and that’s the only reason it’s profitable

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Andy Jassy, chief executive officer of Amazon.Com Inc., speaks during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021.

David Ryder | Bloomberg | Getty Images

Amazon on Thursday reported earnings for the third quarter, and the results revealed a major underlying shift: The company is now a services business.

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