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AWS results see public cloud giant tap into surging GenAI demand

May 1, 2024

Amazon Web Services (AWS) has seen a rebound in its year-over-year revenue growth rate, which the firm is attributing to enterprises completing their post-pandemic cloud cost optimisation efforts.

The company’s first quarter results, which cover the three months to 31 March 2024, saw the public cloud giant report a 17% year-on-year uptick in revenue to $25bn, as well as a $9.4bn profit. In comparison, the firm’s revenue and profit for the same quarter in 2023 was $21.4bn and $5.1bn, respectively.

AWS’s financial results have taken a hit in previous quarters because of enterprises focusing more on streamlining their existing cloud investments than investing in new projects and initiatives.

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