Amazon’s fast-growing cloud division couldn’t help its parent company avoid posting its first quarterly loss since 2015.
Amazon Web Services saw revenue grow by 37% to $18.4 billion for the first quarter of 2022. That amounted to an operating profit of $6.5 billion, which was up 57% year-on-year and outpaced analyst expectations by almost $1 billion.
Both of its main cloud rivals, Microsoft Azure and Google Cloud, posted strong growth to start the year, as the market for cloud computing shows no signs of slowing down, despite the sort of difficult macroeconomic conditions which are impacting their parent companies.
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