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Earnings: Amazon posts strong cloud unit sales on rising AI demand

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The e-commerce company’s operating income more than tripled as Amazon Web Services and adverts provided a boost.

| Demand for artificial intelligence bolstered sales growth in Amazon’s cloud computing division at the start of the year, the company said on Tuesday , as executives laid out plans to spend huge sums to support the fast-growing technology.

The division’s margins also widened to 38 per cent, compared with 30 per cent in the previous quarter. Generative AI is “now a multibillion-dollar revenue run rate business for us”, said chief financial officer Brian Olsavsky. Microsoft last week outlined similar plans to invest billions in the technology, noting that its “near-term AI demand is a bit higher than our available capacity”.Financial Times

In addition to growing the cloud business, Amazon has been on a drive in recent quarters to cut costs and expand margins across its sprawling empire that includes retail, grocery, healthcare and video streaming. Those efforts helped the company more than triple its operating income in the three months to March 31, which rose to $US15.3 billion compared with forecasts for $US11 billion.

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