Amazon Shares Surge as AWS Rebounds
Amazon shares jumped nearly 12% in premarket trade on Friday after strong growth at its cloud unit and a bullish sales outlook eased fears that the tech giant was falling behind rivals in the AI race.
Revenue at Amazon Web Services (AWS), the hub of the company's recent AI investments, rose 20% in the third quarter, compared with Microsoft Azure's 40% and Google Cloud's 34%.
"There was definitely concern about AWS losing market share to Microsoft Azure and Google Cloud," said Jed Ellerbroek, portfolio manager at Argent Capital. "But now AWS is aboard the train as well and they're seeing a big revenue increase.
- Cloud revenue up 20%
- AWS quarterly revenue: $33 billion
- Google Cloud quarterly revenue: $15.16 billion
CEO Andy Jassy hails fastest growth since 2022.
Author's summary: Amazon shares surge 12% after strong AWS growth.
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