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Amazon (AMZN) AWS Strengthens Relationship With Old Mutual
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Amazon (AMZN - Free Report) is making every effort to strengthen its presence in the global cloud market, backed by its Amazon Web Services (AWS) portfolio strength, which has been driving customer momentum.
One of AWS’ existing customers, namely Old Mutual, recently completed its migration of the entire information technology infrastructure, including banking, insurance and wealth management systems, to AWS. It has also closed its on-premises data centers.
Notably, Old Mutual continues to leverage AWS’ analytics and Machine Learning (ML) services in order to deliver an enhanced customer experience and develop advanced financial products.
Strengthening Customer Base
Old Mutual’s strengthening relationship with AWS highlights the efficiency and reliability of the latter’s innovative cloud products and services.
Apart from Old Mutual, AWS was recently selected by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). BBVA will leverage AWS to accelerate its data-driven transformation. It will utilize AWS’ analytics and machine learning capabilities to bolster its risk management process, deliver advanced solutions and innovate its internal processes.
Further, Veriff teamed up with AWS to reinforce its IT infrastructure to stay alert for fraudulent attacks. It is also leveraging the machine learning capabilities of AWS to accelerate the development of new identity verification solutions for various sectors.
AWS was also picked by Experian as the preferred cloud provider. With the aid of AWS’ robust portfolio of cloud technologies and global infrastructure, Experian intends to shift its core business operations, consumer-services products, analytics tools and on-premises servers to AWS to support its multiyear information technology modernization initiative.
Further, AWS was picked by Southwest Airlines Co. (LUV - Free Report) as the preferred cloud provider to boost its digital transformation efforts, deliver a responsive customer support experience, streamline its operations and unveil advanced digital solutions on the heels of AWS solutions.
We believe that AWS’s expanding customer base will continue to drive its top-line growth. In first-quarter 2023, AWS generated revenues of $21.3 billion (17% of total sales), which grew 16% year over year.
Moreover, the strengthening performance of AWS, which has become an integral part of Amazon, will likely instill investor optimism in the stock.
Notably, Amazon has gained 50.5% on a year-to-date basis.
We believe that AWS’s growing global clientele, on the back of its expanding portfolio as well as data centers and cloud regions, will continue to help the company gain a competitive edge against its peers, namely Microsoft (MSFT - Free Report) and Alphabet’s (GOOGL - Free Report) Google.
Microsoft Azure has become the key growth driver for Microsoft. The company is currently riding on the robust adoption of Azure cloud offerings. Azure's increasing number of global availability zones and regions, along with strength in its consumption-based business, is likely to continue driving Microsoft's cloud momentum in the near term.
Similarly, Google Cloud is contributing substantial growth to the total revenues of Alphabet. Expanding data centers, availability zones and cloud regions are expected to keep boosting Alphabet's cloud position.
Nevertheless, AWS, with solid customer momentum, continues to maintain its dominant position in the cloud market.
Per the latest Canalys report, AWS accounted for 32% of global cloud spending in first-quarter 2023, maintaining its leading position in the booming cloud market.
Microsoft’s Azure, the second-largest cloud-service provider, accounted for 23% of worldwide cloud spending.
Alphabet’s Google Cloud represented 9% of cloud spending, making it the third-largest cloud provider.
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Amazon (AMZN) AWS Strengthens Relationship With Old Mutual
Amazon (AMZN - Free Report) is making every effort to strengthen its presence in the global cloud market, backed by its Amazon Web Services (AWS) portfolio strength, which has been driving customer momentum.
One of AWS’ existing customers, namely Old Mutual, recently completed its migration of the entire information technology infrastructure, including banking, insurance and wealth management systems, to AWS. It has also closed its on-premises data centers.
Notably, Old Mutual continues to leverage AWS’ analytics and Machine Learning (ML) services in order to deliver an enhanced customer experience and develop advanced financial products.
Strengthening Customer Base
Old Mutual’s strengthening relationship with AWS highlights the efficiency and reliability of the latter’s innovative cloud products and services.
Apart from Old Mutual, AWS was recently selected by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). BBVA will leverage AWS to accelerate its data-driven transformation. It will utilize AWS’ analytics and machine learning capabilities to bolster its risk management process, deliver advanced solutions and innovate its internal processes.
Further, Veriff teamed up with AWS to reinforce its IT infrastructure to stay alert for fraudulent attacks. It is also leveraging the machine learning capabilities of AWS to accelerate the development of new identity verification solutions for various sectors.
AWS was also picked by Experian as the preferred cloud provider. With the aid of AWS’ robust portfolio of cloud technologies and global infrastructure, Experian intends to shift its core business operations, consumer-services products, analytics tools and on-premises servers to AWS to support its multiyear information technology modernization initiative.
Further, AWS was picked by Southwest Airlines Co. (LUV - Free Report) as the preferred cloud provider to boost its digital transformation efforts, deliver a responsive customer support experience, streamline its operations and unveil advanced digital solutions on the heels of AWS solutions.
We believe that AWS’s expanding customer base will continue to drive its top-line growth. In first-quarter 2023, AWS generated revenues of $21.3 billion (17% of total sales), which grew 16% year over year.
Moreover, the strengthening performance of AWS, which has become an integral part of Amazon, will likely instill investor optimism in the stock.
Notably, Amazon has gained 50.5% on a year-to-date basis.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
To Conclude
We believe that AWS’s growing global clientele, on the back of its expanding portfolio as well as data centers and cloud regions, will continue to help the company gain a competitive edge against its peers, namely Microsoft (MSFT - Free Report) and Alphabet’s (GOOGL - Free Report) Google.
Amazon currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Microsoft Azure has become the key growth driver for Microsoft. The company is currently riding on the robust adoption of Azure cloud offerings. Azure's increasing number of global availability zones and regions, along with strength in its consumption-based business, is likely to continue driving Microsoft's cloud momentum in the near term.
Similarly, Google Cloud is contributing substantial growth to the total revenues of Alphabet. Expanding data centers, availability zones and cloud regions are expected to keep boosting Alphabet's cloud position.
Nevertheless, AWS, with solid customer momentum, continues to maintain its dominant position in the cloud market.
Per the latest Canalys report, AWS accounted for 32% of global cloud spending in first-quarter 2023, maintaining its leading position in the booming cloud market.
Microsoft’s Azure, the second-largest cloud-service provider, accounted for 23% of worldwide cloud spending.
Alphabet’s Google Cloud represented 9% of cloud spending, making it the third-largest cloud provider.