Amazon's 16% cloud revenue growth impresses even as margin narrows
Publishing timestamp: 2023-04-28 19:57:03
Summary
AWS beat revenue growth projections in Q1, but its profitability was slightly lower than expected. The company's revenue from AWS totaled $21.35 billion, representing almost 17% of Amazon's overall revenue. AWS faces competition from other tech giants but still holds a comfortable lead in the cloud infrastructure market. The operating margin for AWS was the narrowest it's been since 2017, and the company has started informing employees of layoffs. AWS revenue growth rates in April have been lower than in Q1 due to customer optimization efforts.
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Keywords: breaking news: earnings, enterprise, breaking news: technology, business, oracle drn, business news, alphabet inc, technology, microsoft corp, earnings, amazon.com inc,
Source: https://www.cnbc.com/2023/04/27/aws-q1-earnings-report-2023.html