San Francisco: Amazon Web Services (AWS), the Cloud arm of retail behemoth Amazon, has become a $43 bn annualised run rate business, up nearly $10 bn in run rate in the last 12 months.
As per Brian Olsavsky, CFO, Amazon, the companies are realising that their on-premise infrastructure is not really flexible to go up or down. Especially in the time of sinking demand, it’s a big fixed cost for them. So we’re seeing migration plans accelerate. They’re certainly not going to happen overnight, but we see companies moving more in that direction, he said during the company’s earnings call.
Led by infrastructure offerings and data and analytics platform, Google Cloud has hit $3 bn in sales for the second quarter, up 43 per cent year-on-year. Alphabet and Google CEO Sundar Pichai, in the H1 of 2020, said technology and innovation proved to be a significant recovery mechanism for businesses.
Facing ad boycott over its inaction to remove hate speech, Facebook shares surged over 7 pc after the social network reported net income of $5.18 bn as revenue jumped 11 pc to $18.69 bn from $16.89 billion a year ago. ‘We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times, said CEO Mark Zuckerberg.
Apple has posted $59.7 bn in revenue for its fiscal 2020 Q3, an 11 per cent rise from the year-ago quarter, as iPhone sales beat the estimates. Global sales constituted 60 per cent of the quarter’s revenue.