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.

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Persons: “ We’re, Andy Jassy Organizations: Amazon, Services, Big Tech, Regulators Locations: A.W.S