AWS Q1 growth pushes ahead as cloud revenue soars

Date:
Wed, 01 May 2024 09:07:18 +0000

Description:
Amazon just had another great quarter thanks to AWS (and AI), and CEO Andy Jassy reckons the best is yet to come.

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Amazon has just announced impressive year-on-year growth on the back of another three successful months during which it saw net sales reach $143.3 billion, representing a healthy 13% increase.

Of that, around 17% was made up of AWS segment sales, which saw a 17% growth compared with the 13% growth recorded last quarter, surpassing Wall Street predictions and underpinning it as an important segment of the companys earnings.

Despite its origins as an online retailer, Amazons cloud businesses has added around $5 billion (or another quarter) to its revenue since the second half
of 2022, just weeks before OpenAIs ChatGPT set a new standard for artificial intelligence. AWS pushed Amazons revenue up again

Amazon CEO Andy Jassy commented on AWSs lucrative role in the companys books: The combination of companies renewing their infrastructure modernization efforts and the appeal of AWSs AI capabilities is reaccelerating AWSs growth rate. AWS now has a $100 billion annual revenue run rate.

During the past quarter, AWS made three Local Zones generally available in Atlanta, Chicago, and Houston. It also announced plans for infrastructure Regions in Saudi Arabia and in Mexico and billions in upcoming investment globally to expand its infrastructure and support training efforts.

The company also announced the removal of exit fees for those wanting to migrate their data to another cloud, as well as expansions to its Bedrock generative AI service.

Jassy also thanked expansion to its Stores business and strong Advertising revenue fueled by growth in its Stores and Prime Video businesses for pushing the companys revenue in an upward trajectory.

Looking ahead, Jassy alluded to continued growth: Its very early days in all of our businesses and we remain excited by how much more we can make
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AI writers Cloud and AI demand push Alphabet and Microsoft earnings to new high



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Link to news story: https://www.techradar.com/pro/aws-q1-growth-pushes-ahead-as-cloud-revenue-soar s


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