Amazon Cloud Computing Business Drives Five-Year Growth Projections

Amazon's performance has been impressive, driven largely by its cloud computing business.

The company is investing heavily in artificial intelligence (AI) ambitions and is already seeing results. In the second quarter, Amazon's revenue increased by 20% year over year to $200.6 billion.

AWS posted $42.2 billion in net sales, up 37% year over year, with operating income of $16.6 billion, a nearly 63% increase compared to the previous year.

Amazon's EPS was $5.75, up from $1.68 in the same period last year.