While Microsoft Azure's reported 30% year-over-year revenue growth and Alphabet's Google Cloud posted 26% annual revenue growth during the same period, Amazon's results nevertheless indicated the softness in cloud spending is rolling over.
Amazon said it expects accelerating AWS revenue trends to continue in 2024, which is good news for the stock.
In a poll of more than 1,000 U.S. consumers about their expected spending, Amazon remains the preferred e-commerce destination "by a wide margin."
Another encouraging finding in the Wedbush survey: Amazon Prime members said they are seeing "modest improvements" in their experiences, with 39% saying they received an order on the same or next day.
Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons:
Microsoft Azure's, Adam Selipsky, Jim Cramer, —, Jim Cramer's, Jim, Alain Jocard
Organizations:
Mizuho Securities, Web, Enterprises, Microsoft, Google, AWS, Wedbush Securities, Walmart, Target, Amazon, CNBC, AFP, Getty
Locations:
Mizuho, Amazon's, U.S, Wedbush's