Oct. 30 (UPI) — Amazon reported third-quarter earnings that exceeded expectations, which prompted a 13% rise in its share value during after-hours trading on Thursday.

The Seattle-based tech firm credited its cloud-based services for exceeding third-quarter estimates.

“You’re going to see us continue to be very aggressive in investing in capacity because we see the demand,” Amazon Chief Executive Officer Andy Jassy told analysts on Thursday, as reported by Yahoo! Finance.

Amazon reported $180.17 billion in revenues, which is more than $3 billion higher than analysts’ estimates of $177.8 billion, CNBC reported.

Amazon also said earnings per share were $1.95, which is 38 cents more than the estimated $1.57.

The firm’s Amazon Web Services also posted a better-than-expected amount of $33 billion, compared to an estimated $32.42 billion, and Amazon reported $17.7 billion in ad revenue versus the expected $17.34 billion, StreetAccount reported.

The tech firm’s cloud unit also exceeded expectations with a20.2% growth in revenue against an anticipated growth of 18.1%.

Jassy also credited the development of Amazon’s Trainium 2artificial intelligence chip for the positive earnings report.

The AI chip now is a multi-billion-dollar enterprise with revenues that grew by 150% from a year ago and has enabled Amazon to create its Project Rainier AI cluster that is powered by 500,000 Trainium 2 chips.

Prior to Thursday’s quarterly earnings report announcement, Amazon’s share price had declined by $7.44 and 3.23% at $222.86 at 4 p.m. EDT.

The upbeat earnings report triggered a rapid rise to $247.48 per share within five minutes and topped out at $255 before tailing off slightly to $251.30 shortly before 7 p.m.