If you think you knew Amazon, things are about to change.
Amazon has built its business and reputation by becoming an e-commerce giant, but one of the company's top execs says that, in time, it will be all about the cloud and its division Amazon Web Services (AWS).
'This is a huge opportunity and as such Jeff Bezos, our CEO and founder, has said several times that he believes the opportunity is so big that maybe AWS, over time, may become bigger than the retail company," said Werner Vogels, Amazon chief technology officer told CNBC in an exclusive interview.
Amazon Thursday broke out the figures for AWS for the first time ever, and Wall Street liked what it saw. The division generated $5.16 billion in revenue last year and $1.56 billion in sales in the first quarter of 2015, up 49% from last year.
And this is just the start: investment analysis company Morningstar expects AWS could become a $15-20 billion business in the next three years, which would make it a substantial revenue stream for the e-commerce player. So big that the company may even spin it off one day, says internet analyst, James Cakmak of Monness Crespi Hardy.
Amazon's stock, after have a rough ride in 2014, is in rebound mode this year with shares up more than 20 percent. If Amazon continues to show investors that its North American retail division is doing well and that its investment in cloud is paying off, "the stock could get Netflixed," says Mark Mahaney, the analyst at RBC Capital.
Nonetheless, there are clouds on the horizon for AWS. A big one is competition.