Amazon announces almost 49% rise in cloud business

By mcpherrin mcpherrin

Global electronic commerce company, Amazon, has confirmed that its cloud business rose almost 49% in the second quarter which has surpassed analysts’ expectations.

The announcement on Thursday (26 July), maintains Amazon’s standing ahead of its closest competitors, Microsoft and Google, in addition to keeping Oracle and Alibaba at a distance, CNBC reports.

Amazon has commented that its Amazon Web Services (AWS) has received $6.11bn in revenue and achieved a positive overall growth from the previous quarter.

In the second quarter, it was confirmed that the cloud had given Amazon 11.5% of its revenue which in comparison to a year ago, is a noticeable increase from the 10.8% the Seattle-based firm collected as a whole in that period.

See more:

Starbucks set to unveil first store in Italy in September

Google announces AI chips for web-connected devices

General Motors first major automaker to embrace peer-to-peer car sharing

The service has seen a meteoric rise since first being implemented in 2006 and has seen its revenue rise 255% over the last three years.

KeyBanc analysts, which is headed up by Edward Yruma, wrote in a Monday memo: "We remain confident that AWS revenue can double to $42 billion by 2020 based on current cloud momentum and new products."

Amazon has enjoyed a profitable few weeks following its most successful “Prime Day” event ever where the firm sold 100mn products on 16 July.

Share

Featured Articles

DEI done right: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Q&A: China’s ecommerce innovator Jeff Li, CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

How hybrid work is revolutionising the physical office

As hybrid work models roll out worldwide, the purpose of the office is changing with collaboration, connection and networking taking centre stage

Trailblazer: Shanique Bonelli-Moore, DEI chief at Clorox

Sustainability

Dean Forbes – the Forterro CEO aiming for the moon

Leadership & Strategy

Why becoming a B Corp is good for business

Sustainability