Amazons cloud business is surging and so is its capital spending | TechCrunch
News Source : TechCrunch
News Summary
- Amazon Web Services saw its net sales increase 28% year-over-year, climbing to $37.6 billion.
- It was the fastest growth rate for AWS in 15 quarters, Amazon president and CEO Andy Jassy said during the company’s earnings call.
- Jassy attributed AWS’ success to its role in providing compute to the AI industry.
- The company reported that free cash flow decreased to $1.2 billion for the trailing 12 months, driven primarily by $59.3 billion in purchases of property and equipment.
Amazon was one of several tech giants that on Wednesday beat Wall Streets firstquarter earnings expectations, offering more financial evidence that the AI boom continues to reward companies that su [+3070 chars]
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