Amid all the news of a possible recession in the U.S. and major tech companies having to announce layoffs, the cloud computing business remains one of the bright spots for companies like Google and Microsoft. Although both companies missed analysts’ expectations in their earnings calls, cloud services for both firms saw impressive year-over-year growth. Google Cloud’s revenues, as reported by The Motley Fool, grew 36 percent to $6.28 billion year-over-year. The division however, did record an operating loss of $858 million, which is likely an indication that Google and parent company Alphabet continue to spend heavily to carve into Amazon and Microsoft’s huge market share.
Meanwhile, Microsoft saw revenue from its Azure service climb 40 percent year-over-year, generating nearly $21 billion from its Intelligent Cloud segment.
Amazon’s AWS continues to reign supreme in the cloud computing industry, controlling about 40 percent of the global market share. Microsoft currently holds 21 percent, while Google and Alibaba trail in the distance.
Source: The Motley Fool