Market Overview

Amazon Moves Cloud Service Focus From Startups Like Lyft To Big Enterprises Like Netflix And Capital One

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Amazon Moves Cloud Service Focus From Startups Like Lyft To Big Enterprises Like Netflix And Capital One

According to the report published Wednesday, Pacific Crest analysts (after attending the summit in Santa Clara) believe Amazon.com, Inc. (NASDAQ: AMZN)'s Amazon Web Services (AWS) continues to capitalize on the multiyear secular shift to cloud platforms.

"While AWS remains a key enabler within the startup community, powering Slack, Airbnb, Lyft and Pinterest among others, the messaging at this event was clearly targeted at sustaining momentum within large enterprises such as Johnson & Johnson (NYSE: JNJ), General Electric Company (NYSE: GE), Capital One Financial Corp. (NYSE: COF), Royal Dutch Shell plc (ADR) (NYSE: RDS-A), Netflix, Inc. (NASDAQ: NFLX), Adobe Systems Incorporated (NASDAQ: ADBE) and Dow Jones Industrial Average (INDEX: .DJI)," wrote Pacific.

Related Link: Amazon's Web Services Conference Takeaways From Deutsche Bank

According to the analysts, AWS added a new data migration service for Teradata Corporation (NYSE: TDC) and Oracle Corporation (NYSE: ORCL) data warehouse environments and outlined best practices on hybrid cloud as a stepping stone into the public cloud.

The analysts believe cloud demand trends for AWS remain robust, taking into account the overall tone and conversations with third-party partners, and it is expected to add nearly $1 billion annually in each quarter this year.

At time of writing, Amazon was down 0.27 percent on the day, trading at $740.63.

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Jan 2020MaintainsBuy
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