fbpx
Log in

Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *

Investors wowed by Amazon’s cloud

amazonAmazon has seen its sales increase in North America, its largest market.

Amazon's North American sales went up by 24% to $13.4bn (£8.9bn) in the first three months of this year, the company said.

For the first time, the retailing giant also revealed the figures for its cloud computing arm, Amazon Web Services (AWS). Revenues hit $1.57bn, a flying leap of 49%.

But even with the increases in profits, Amazon reported a total loss of $57m for the period, compared with a profit of $108m a year earlier.

With the announcement came the recognition that Amazon Web Services are the largest of its kind in terms of revenue.

The cloud computing service has attracted more than one million customers, including some 600 government agencies worldwide, including Dropbox, Spotify, Netflix, Uber, Samsung and indeed the CIA.

The companies use AWS to store data, send messages, stream videos and synchronise data.

The better-than-expected results for AWS will calm most investors who have been keen for the company to quit its high spending on new projects, such as tablet computers, smartphones and even a short-lived nappy service.

Shares in the firm rose to $398 with some believing they will rise further to as much as $500.

But Amazon is no longer the sole provider and big competitors, such as Microsoft, Google and IBM, are all pitching for a piece of the cake.

Amazon founder Jeff Bezos said in a statement: "Amazon web services is a $5bn business and still growing fast."

Pin It

You must be a registered user to make comments.
Please register here to post your comments.