202030 Apr
AWS tops $10 billion in quarterly revenue for the first time
Type
General News
Source
Cnbc
Summary

Andrew Jassy, chief executive officer of web services for Amazon.com Inc., speaks during the 2019 CERAWeek by IHS Markit conference in Houston on March 11, 2019. 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 coronavirus spread across the globe in the quarter. 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. "Our partner checks continue to reflect the relative strength in the AWS platform, as incremental demand from customers to accelerate their migration into the cloud, provide full virtual-desktop coverage (AWS WorkSpaces), and other work-from-home and business continuity needs, seem to have more than offset the disruption from longer sales cycles and delays in planned migrations as IT priorities have shifted in the current environment," the analysts wrote.

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