What Amazon Just Said Could Mean Billions in More Growth
Share prices of Amazon (NASDAQ: AMZN) are up 22% over the last month. The company's second-quarter earnings report showed the retail side struggling to return to pre-pandemic growth levels, while the Amazon Web Services (AWS) cloud business posted strong 33% growth in revenue over the year-ago quarter, and it's not done yet.
During the earnings call, Chief Financial Officer Brian Olsavsky said, "AWS continues to grow at a fast pace, and we believe we're still in the early stages of enterprise and public sector adoption of the cloud."
AWS makes up 13% of Amazon's total revenue, but it has emerged as the company's most important growth driver. As it contributes more to Amazon's bottom line, Redburn analyst Alex Haissl estimates the long-term value of just AWS could be worth double Amazon's overall current market cap of $1.4 trillion.
Source Fool.com
