CNBC November 2, 2024
Key Points
– Google’s cloud business grew 35% in the latest quarter, outpacing larger rivals Amazon and Microsoft.
– Amazon Web Services continues to rake in profit, recording an operating margin in the quarter of 38%.
– Both Amazon and Microsoft said demand for artificial intelligence services is outstripping their supply.
With Wall Street laser focused on cloud computing this week, Google outpaced its rivals in growth, a key sign for investors that the internet company is gaining traction in artificial intelligence.
Google’s cloud business, which includes infrastructure as well as software subscriptions, grew 35% year over year in the third quarter to $11.35 billion, accelerating from 29% in the prior period.
Amazon Web Services, which remains the market leader,...
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