Alphabet Just Scored a Huge Win. Is This Bad News for Amazon?
(NASDAQ: GOOG) (NASDAQ: GOOGL) is best known for something a lot of us use every day: Google Search. The world's No. 1 search engine drives the company's profit -- advertisers flock to advertise across Google, knowing they can reach us, their target audience, there. However, Alphabet has another business that's growing fast, and it recently reached a big milestone.
I'm talking about Google Cloud. This business surpassed $10 billion in revenue for the first time in the most recent quarter, the second quarter -- and generated more than $1 billion in operating profit. What does this have to do with Amazon (NASDAQ: AMZN)? Amazon Web Services (AWS) is the world's biggest cloud company and has held this position for some time. And though Amazon is best known for its e-commerce operations, AWS is the company's main source of profit.
So, are these gains by rival Google Cloud bad news for Amazon? Let's find out.
Source Fool.com
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