Last week’s deluge of major tech earnings made clear that demand for cloud services remains strong. But it also made clear that the tech giants behind those services are watching expenditures closely in the current economic climate.
Amazon Microsoft and Google-parent Alphabet which operate the three largest public cloud services, all reported solid, double-digit growth in revenue from their cloud segments for the June quarter on a year-over-year basis. That, along with other areas of strength in their respective businesses, was good enough to give all three stocks a decent postearnings bounce. Amazon, Microsoft and Alphabet shares averaged a gain of more than 8% the day after their results were announced.
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