Aug. 1 at 2:08 AM
Amazon shares climbed after the company delivered another strong quarter, fueled by accelerating demand for artificial intelligence infrastructure and cloud services. Amazon Web Services (AWS) reported 37% year-over-year revenue growth to
$42.2 billion, comfortably beating analysts' expectations of
$40.6 billion and posting its fastest expansion since the fourth quarter of 2021. The quarter marked the fifth consecutive period of accelerating AWS growth, highlighting the continued surge in enterprise spending on AI workloads and cloud computing.
AWS remains Amazon's key profit engine, generating the majority of the company's operating income despite accounting for only about one-fifth of total revenue. The strong performance reinforces Amazon's leadership in the AI infrastructure race as businesses continue deploying generative AI applications that require significant cloud computing capacity.
$AMZN