Amazon delivered more of the same in yesterday’s earnings presentation as the company continues to favor growth over profits. For years now, Amazon’s founder and CEO Jeff Bezos has made a point of sacrificing short-term profits in favor of investments aimed at long-term success, as our chart nicely illustrates.
One of these long-term investments is now bearing fruit, as the company revealed in yesterday’s earnings report: Amazon Web Services, the company’s quickly growing cloud storage division, generated $1.57 billion in revenue between January and March and is on track to generate $1 billion in profits this year. On a revenue run rate of $6+ billion per year, Amazon’s cloud business is on par, if not bigger than those of industry heavyweights such as IBM and Microsoft.
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