12/28/2023 0 Comments Cloud 300m iconiq growthAnother noted strength from the Azure platform was around database management, where SQL Server on Azure usage more than doubled Y/Y. Notable highlights in the earnings call from management included Azure’s focus on industry-specific, verticalized cloud solutions focused on delivering superior time-to-value for customers. Although not disclosed, we estimate Azure run-rate revenue to be around $31–33B. In its US market alone, Google announced its intention to invest $7B+ into offices and data centers this year, signaling the commitment to Cloud as a top priority for management.Īzure grew 46% Y/Y, on a constant currency basis, which is a slight deceleration from the previous quarter where it saw 47% Y/Y growth. We believe this operating loss highlights management’s continued focus on building out product and go-to-market. Google Cloud has maintained an operating loss of $3.9B run-rate for FY2021, but this is down significantly from $5.6B loss in FY2020. Google Cloud revenue grew 46% Y/Y, generating $16B in run-rate revenue this quarter (although not disclosed, we estimate GCP run-rate revenue to be around $10–12B). Adam was the former CEO and President of Tableau Software, which was acquired by Salesforce in 2019 for $15.7B. As Andy Jassy was named as Jeff Bezos’ successor last quarter, Adam Selipsky was chosen in March to lead AWS. AWS usage and backlog ($53B) remained consistent with prior quarters. Amazon Web Services grew revenue 32% Y/Y on a constant-currency basis, ending the quarter at $54B in run-rate revenue.
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