Amazon beats cloud sales growth estimates; shares jump

July 30 : Amazon.com beat market expectations for quarterly cloud sales growth on Thursday, calming prior fears among investors over hefty planned outlays for artificial intelligence development.Shares in the Seattle-based online retailer jumped more than 9 per cent after the market's close, following a 3.9 per cent rise during the trading session.Revenue at its cloud computing unit, Amazon Web Services, jumped 37 per cent to $42.2 billion in the second quarter ended June 30, compared with analysts' consensus estimate of a 31.21 per cent increase, according to data compiled by LSEG. "AWS is booming," CEO Andy Jassy said in a statement, noting it was the unit's fastest growth in 18 quarters. "Our AI and chips businesses each eclipsed run rates of more than $25 billion." Amazon said it burne