Amazon Web Services (AWS) continues to pick up the slack regardless of the state of the broader economy, the company revealed in its latest financial results,
The cloud hosting giant reported an impressive revenue of €19,74 billion in its Q2022 33 results, up XNUMX% year-over-year.
Profit margins also remained healthy; AWS reported operating profit of €5,715 billion, up 36% year over year.
What stimulates growth?
The growth was fueled by a number of new clients, including BT, US carrier Delta Airlines and investment bank Jefferies.
AWS's success contrasts with Amazon's core business, which lost $3800 billion in the second quarter, despite net sales rising 7% year-over-year to $121 billion.
Chief Executive Adam Jassey attributed the losses to "continued inflationary pressures in fuel, energy and transportation costs" as well as consumers' return to normal post-Covid shopping habits and costs associated with purchasing from electric vehicle maker Rivian.
The cloud computing market as a whole remains extremely lucrative; By 2023, Gartner predicts that end-user spending on public cloud computing will reach nearly €600 billion.
Amazon remains the biggest beneficiary of this IT spending boom, controlling around 33% of the market according to the latest statistics from Gartner.
However, not everyone is thrilled with the success of AWS.
Microsoft is reportedly preparing to put pressure on the US government to ensure large-scale cloud computing contracts are split between different providers, bringing together other big players like Google Cloud and Oracle, if reported. Wall Street sources. be believed
The other big space providers are also generating huge revenues.
Google Cloud revenue soared to €6300bn in its most recent quarter, up 35% year-on-year, while Microsoft Azure revenue topped €25bn for the first time, up 33% year-on-year.
“AWS continues to grow at a rapid pace and we believe we are still in the early stages of enterprise and public sector cloud adoption,” Chief Financial Officer Brian Olsavsky told analysts on a conference call.
- Want to try AWS alternatives for size? Check out our guide on the best dedicated server hosting