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Critically, sales of Amazon’s cloud computing services continued to gain steam, growing 19 percent to $26.3 billion. Amazon Web Services has also become more profitable, with an operating margin of 35.5 percent, up from 24.2 percent a year earlier. It spent $16 billion on capital expenditures, including new data centers, expensive computer chips and warehouses to fulfill orders. While Amazon has become more profitable, it is having a harder time spending that cash. As a result, the company’s cash has grown to record levels, with $71.7 billion on its balance sheet at the end of the quarter.
Persons: “ We’re, Andy Jassy Organizations: Amazon, Services, Big Tech, Regulators Locations: A.W.S
Amazon reported its highest first-quarter profit on Tuesday as it continued to wring efficiencies out of its retail business and recharge growth in its cloud computing operations. The company was also for the first time on track to have $100 billion in annual cloud computing sales. The company had $143.3 billion in revenue in the first three months of the year, up 13 percent from a year earlier. Profit more than tripled, to $10.4 billion. “It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results,” Andy Jassy, Amazon’s chief executive, said in a statement.
Persons: ” Andy Jassy Organizations: Amazon
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