Amazon ($AMZN) CEO Andy Jassy says investors may be underestimating the company’s retail business as shares have fallen more than 7% over the past six months. “I think some folks are sleeping a bit on how much progress that business has made,” Jassy said on Amazon’s third-quarter earnings call. He said Amazon’s retail operation is growing at a pace he does not believe any other company of comparable scale is matching. Units sold have increased nearly 15% year over year so far in 2026, building on more than 30 billion items sold last year. Jassy also said Amazon added more than $90 billion in gross merchandise sales over the past 12 months, roughly twice the quarterly gross sales added by its next large U.S. competitor. He argued Amazon continues gaining market share and growing meaningfully faster than rivals. Jassy also sees a long runway for e-commerce, noting that nearly 80% of retail spending still takes place in physical stores. He expects that balance to eventually shift more heavily toward online shopping. The comments came after Amazon reported third-quarter revenue of $201.94 billion, slightly below the $202.22 billion consensus, while earnings of $1.89 per share missed the $1.97 estimate. Amazon guided fourth-quarter revenue to $240 billion to $247 billion and operating income to $28.5 billion to $33.5 billion, up from $25 billion a year earlier.