Amazon Web Services grew sales by 19% in the latest quarter, expanding at a faster rate than its parent company.
Amazon picked longtime executive Matt Garman to replace Adam Selipsky as the cloud unit's leader during the quarter.The company reported revenue for Amazon Web Services of $26.28 billion. Analysts surveyed by StreetAccount had expected $26.02 billion.as CEO of AWS, replacing Adam Selipsky, who was promoted to the position when Andy Jassy was named Amazon CEO in 2021.
While AWS continues to lead the cloud infrastructure market, Microsoft Azure and Google Cloud have been gaining momentum, thanks in part to early deployments of AI models. On Tuesday, MicrosoftCompanies have started consuming cloud services to deploy generative AI models that power technologies such as OpenAI's ChatGPT chatbot. Like other cloud providers, Amazon has said it will meaningfully increase capital spending in 2024.
AWS now accounts for 18% of its parent company's total revenue. When it comes to profit, AWS is far more critical. Amazon said AWS generated $9.3 billion in quarterly operating income, or 63% of the companywide total. Analysts polled by StreetAccount had been looking for $8.51 billion in AWS operating income.
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