The higher-than-expected profitability of Amazon.com’s cloud computing business sent its stock to a new high Friday and rippled through the IT industry. Microsoft shares also jumped on upbeat views for its cloud business, Azure. Late Thursday, Amazon (AMZN) reported financials for Amazon Web Services (AWS), its cloud services unit, for the first time. Q1 revenue for AWS rose 49% from the year-earlier quarter to $1.57 billion, with net income of
Amazon.com (AMZN) stock elevated to a record high Friday after the e-tail leader late Thursday disclosed, for the first time, financials for its cloud business, which is big and growing fast. Amazon stock was up 15% in afternoon trading in the stock market today, at a new high near 450. The Seattle-based company got upgrades from JPMorgan, Raymond James and Janney Montgomery Scott. At least half a dozen investment banks boosted their price targets
Amazon.com shares soared to record highs late Thursday as the e-commerce giant reported better-than-expected first-quarter revenue and broke out results for its cloud-computing services for the first time. Revenue rose 15% vs. a year earlier to $22.72 billion, above the consensus of $22.39 billion. Excluding a $1.3 billion hit from the stronger dollar, sales rose 22%. Amazon (AMZN) reported a net loss of $57 million. Excluding