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

| 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.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Meta earnings: Mark Zuckerberg is stuck in AI purgatory, and that’s OKMeta Platforms has a clear-eyed vision of how its AI bets will pay off, but the returns on its growing investments remain some way off. Investors should expect to see more of this.
Источник: FinancialReview - 🏆 2. / 90 Прочитайте больше »

ASX to rise as Wall Street rebounds on megacap earnings expectationsAustralian shares are poised to rise as Wall Street continues to rebound on the strength of the tech megacaps and the ASX looks to March CPI figures.
Источник: FinancialReview - 🏆 2. / 90 Прочитайте больше »

ASX climbs on back of Wall Street gains in busy earnings weekThe Australian sharemarket extended its gains on Tuesday after US stocks rebounded from last week’s selloff as worries over a wider Middle East conflict eased.
Источник: brisbanetimes - 🏆 13. / 67 Прочитайте больше »

ASX climbs on back of Wall Street gains in busy earnings weekThe Australian sharemarket extended its gains on Tuesday after US stocks rebounded from last week’s selloff as worries over a wider Middle East conflict eased.
Источник: theage - 🏆 8. / 77 Прочитайте больше »

ASX climbs on back of Wall Street gains in busy earnings weekThe Australian sharemarket extended its gains on Tuesday after US stocks rebounded from last week’s selloff as worries over a wider Middle East conflict eased.
Источник: smh - 🏆 6. / 80 Прочитайте больше »

ASX set to rise as Wall Street gains in busy earnings week; gold declinesThe Australian sharemarket is set to open stronger this morning after US stocks rebounded from last week’s selloff as worries over a wider Middle East conflict eased.
Источник: smh - 🏆 6. / 80 Прочитайте больше »