Global retail and tech powerhouse Amazon has released its earnings report for the first quarter of the year and, as expected, its cloud service stole the limelight.
Amazon Web Services (AWS), market leader in cloud services, surpassed $10 billion in revenue for the quarter, despite a slight slowdown in growth.
The company reported a 33 percent revenue increase for the quarter, down marginally from the 34 and 35 percent increases registered Q4 and Q3 2019 respectively.
It seems the coronavirus outbreak has done little to hurt Amazon’s cloud business, but the picture will become clear when the company releases its Q2 figures.
AWS accounted for roughly 13 percent of Amazon's total earnings, which came to $75.5 billion, the firm reported a net income of $2.5bn and earnings per share of $5.01.
International sales grew 18 percent (reaching $19.1 billion), while on US turf the company hit $46.1 billion in sales - an increase of almost a third.
Against analyst projections, the company had mixed results. Analysts expected Amazon to earn a little less revenue ($73.61bn), but also expected a larger earnings per share ($6.25).