AWS Q2 2024 revenues hit $26.3 billion

Amazon’s cloud division, AWS, revenues increased by 19% in the three months ending June 30 to hit $26.3 billion, the company announced last week. 

CNBC reports that revenues beat analysts’ estimates who had expected $26.02 billion.

AWS’s operating income was $9.3 billion, compared with operating income of $5.4 billion in the second quarter of 2023.

The results mean AWS now makes up 18% of its parent company’s total revenues, as well as 63% of its total income.

“We’re continuing to make progress on a number of dimensions, but perhaps none more so than the continued reacceleration in AWS growth,” Amazon CEO and President Andy Jassy said.

AWA has been attempting to lure in more customers with new tools, including Amazon Bedrock, a fully managed service that makes foundation models (FMs) from leading AI companies available through a single application programming interface (API).

Customers who sign up for Amazon Bedrock are able to build apps on top of generative AI models and customize them with their proprietary data. Using these models, brands and developers can also create AI “agents” that automatically execute tasks like booking travel, processing insurance claims, creating ad campaigns and managing inventory—without writing any code.

 “As companies continue to modernize their infrastructure and move to the cloud, while also leveraging new Generative AI opportunities, AWS continues to be customers’ top choice as we have much broader functionality, superior security and operational performance, a larger partner ecosystem, and AI capabilities like SageMaker for model builders, Bedrock for those leveraging frontier models, Trainium for those where the cost of compute for training and inference matters, and Q for those wanting the most capable GenAI assistant for not just coding, but also software development and business integration,” Jassy says.

Currently, AWS continues to lead the global cloud market, ahead of rivals Microsoft Azure and Google Cloud. Jassy says AWS is on track for $105 billion in annual revenue.

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