US stocks: Amazon beats estimates for quarterly cloud revenue growth

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% to $42.2 billion in the second quarter ended June 30, compared with analysts’ consensus estimate of a 31.21% increase, according to data compiled ‌by LSEG.