Amazon Cloud Business Revenue Grows for Fifth Consecutive Quarter as Demand for AI Services Remains Strong

Jinse Finance reported that on July 31, Amazon announced that its cloud computing business revenue exceeded analysts' expectations, with strong demand for artificial intelligence services driving sales acceleration for the fifth consecutive quarter. In a statement released on Thursday, Amazon said that in the quarter ending June 30, its cloud computing business Amazon Web Services (AWS) saw revenue grow by 37% to $42.2 billion. This is the fastest growth rate since the fourth quarter of 2021. Analysts had expected AWS revenue to average $40.6 billion. AWS contributed about one-fifth of Amazon’s revenue and most of its operating profit.