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Earnings Show Growth in Public Cloud Market

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Steve McDowell is principal analyst and founding partner at NAND Research. Steve is a technologist with over 25 years of deep industry experience in a variety of strategy, engineering, and strategic marketing roles, all with the unifying theme of delivering innovative technologies into the enterprise infrastructure market.

The top three public cloud providers each released earnings last week. Let’s look at what their earnings tell us about the state of the public cloud market.AWS reported a 12% year-over-year growth in Q3, with $919 million in incremental quarter-over-quarter revenue. This revenue growth is among the highest in the industry.

Overall, AWS is seeing a stabilization of its year-over-year growth rate and a notable reduction in customer optimization levels. The company attributes its optimism to its extensive functionality, robust partner ecosystem, security, customer-focused approach, and the ongoing shift of IT spending from on-premises to the cloud.

In the on-premises server business, flat revenue growth is expected, driven by hybrid demand in multi-cloud environments, while Enterprise and Partner Services revenue may decline moderately. Google has also been steadily building its AI capabilities. Its Vertex AI platform, for example, helps customers build, deploy, and scale AI-powered applications, offering more than 100 models and tools for various use cases. The number of active generative AI projects on Vertex AI grew significantly from Q2 to Q3.

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