Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
The one-to-eight stock split would mean the current number of ordinary shares — which stands at 4 billion — will increase to 32 billion. It comes ahead of a reported Hong Kong...Asia Marketsread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
The findings by McKinsey and Company come amid a year-long tariff fight between the U.S. and China, which has spilled into areas such as technology and security.China Economyread more
Microsoft's considerable reach into the corporate world isn't something Slack CEO Stewart Butterfield is very concerned about.Technologyread more
In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Beto O'Rourke's campaign for the 2020 election raised just $3.6 million in the second quarter of this year, putting him in the lower tier of candidates who have struggled to...2020 Electionsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
In a rare confluence of events, all three companies reported quarterly results on the same day, giving investors an abundance of data on the state of cloud computing:
Amazon Web Services is the clear leader and the only one of the three companies that provide a clean number for its cloud infrastructure business. Amazon said AWS revenue surged 43 percent in the quarter to $3.66 billion. Multiply that by four, and you get an annualized run rate of $14.6 billion.
Microsoft wraps its Azure business into a division called Intelligent Cloud, which includes various other servers and cloud services. In total, that business grew 11 percent to $6.8 billion. While Microsoft doesn't break out Azure's revenue, it does offer up a growth number. In the quarter ended March, sales jumped 93 percent. Microsoft also said that its full Commercial Cloud business now has an annualized run rate of $15.2 billion, but that business also includes Office 365, not just the Azure infrastructure service.
The Google Cloud Platform remains a laggard and is such a small portion of Alphabet that the company didn't even mention the business in its earnings release. Of Google's $24.5 billion in first-quarter revenue, $21.4 billion came from advertising. However, sales in the rest of the company jumped 50 percent to $3.1 billion, and a big part of that increase was clearly from new cloud-computing clients.
With more corporations, government entities and non-profits downsizing their own data centers in favor of the massive infrastructure operations controlled by the tech giants, all three companies are racing to land major contracts and attract developers by building cutting-edge tools.
"This space is an oligopoly," said Trip Miller, the founder of Gullane Capital Partners and an investor in Amazon. "No one else of any meaningful size outside a handful of major players is getting into it because they can't afford to get into it."
AWS's fingerprints were all over Amazon's earnings report, with the acronym showing up 44 times.
In addition to disclosing revenue and the unit's 24.3 percent operating margin, Amazon referred to a host of new AWS products like Amazon Chime for making online meetings easier and contact center technology called Amazon Connect. The company also said that AWS has regions opening up this year in France and China and that the cloud division "collaborated with NASA to deliver the highest resolution video ever broadcast live from space."
According to Synergy Research Group, AWS controlled 40 percent of the public cloud services market as of early February, compared to 23 percent for Microsoft, IBM and Google combined.