AWS Surges Past $42 Billion in Quarterly Sales

Amazon Web Services (AWS) is growing at an incredible pace, with its latest quarter seeing a 37% year-over-year increase in sales to $42.2 billion.

AWS now has a revenue run rate of $169 billion annually, which would place it 24th on the Fortune 500 list if it were a standalone company.

According to Amazon CEO Andy Jassy, AWS is just getting started and has significant room for growth, with 85% of IT spending still occurring on-premises.

Jassy noted that the cloud computing industry is vast and underpenetrated, providing a huge opportunity for AWS to continue expanding its market share.