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Thursday, April 30, 2020

Amazon's AWS hits $10 billion revenues in Q1

Amazon’s market-leading cloud business crossed $10 billion in revenue for the first time in the first quarter. At $10.22 billion, Amazon Web Services revenue grew 33% on an annualized basis, the company said in a statement on Thursday. 
Analysts surveyed by FactSet had expected $10.33 billion in first-quarter revenue, although comparing results with estimates is not straightforward given that the COVID-19 spread across the globe in the quarter



Amazon Web Services (AWS) - Cloud Computing Services


AWS delivered 13.5% of Amazon’s total revenue. Launched in 2006, AWS is now bigger than all of Oracle, which was founded almost 30 years earlier. Oracle reported quarterly revenue last month of $9.8 billion.
Operating income from AWS totaled $3.08 billion, which was up 38% and above the $2.96 billion FactSet consensus estimate. That works out to 77% of Amazon’s overall operating income.
Amazon shares dropped about 4% after hours on the earnings results.
Goldman Sachs analysts led by Heath Terry, who have a buy rating on Amazon stock, raised their estimates for first- and second-quarter AWS revenue in a note distributed to clients last week.

In the quarter AWS announced deals with 3M, Bundesliga and Carrier.
AWS came close to the $10 billion mark in the fourth quarter, when it delivered $9.95 billion in revenue. 

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