From Nasdaq: 2024-07-31 12:47:00

Amazon is set to release its second-quarter 2024 results on Aug 1, with strong gains expected from its cloud service division, AWS. Previous quarter saw AWS revenues of $25.04 billion, up 17%, with operating income at $9.4 billion, up 83.9%. The Zacks Consensus Estimate for second-quarter AWS sales is $25.9 billion.

AWS performance in second quarter driven by strong cloud service portfolio and generative AI capabilities. Amazon Bedrock features like custom model imports and AI-powered assistant Amazon Q contributed to AWS’s customer momentum. Partnerships with NinjaTech AI, CrowdStrike, Brightcove, BlackBerry, Zilch, FWD, SAP, and Formula 1 further bolstered AWS’s growth.

The strengthening customer base and continuous innovation are driving AWS’s top-line growth, assisting Amazon in dominating the cloud market against competitors like Microsoft and Alphabet. Solid performance in the second quarter expected to sustain Amazon’s cloud dominance. Click to access the Zacks Earnings Calendar for more insights.

Analysts predict a significant upside for Amazon’s stock, with strong performance expected in the coming quarters. AWS’s continuous innovation and partnerships with leading tech companies indicate a positive outlook for Amazon’s cloud business. Keep an eye on Amazon’s performance as it continues to lead the cloud market.



Read more at Nasdaq: Will Amazon’s (AMZN) Q2 Earnings Benefit From AWS Momentum?