Amazon beats estimates for quarterly cloud revenue growth

July 30 : Amazon.com topped market expectations for quarterly cloud revenue growth on Thursday on the back of surging enterprise AI spending, signaling the company's hefty investments were bearing fruit. 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. The strong showing from the world's No. 1 cloud services provider mirrors solid performances from smaller rivals Microsoft and Alphabet's Google, both of which comfortably beat Wall Street estimates for cloud revenue.The upbeat results could help quell some concerns over Big Tech's relentless AI investments — set to exceed $700 billion this year — which