Both Microsoft and Amazon have released quarterly financial reports showing dramatic growth in their cloud computing business. Microsoft Azure revenue increased 93 percent, just slightly less than during the preceding quarter. Gross margins for the unit came in at 57 percent. The annual run rate for all of the company's cloud business is now at $20 billion.
Amazon Web Services' revenue climbed 49 percent to reach $5.44 billion, beating analyst estimates. The cloud computing division now accounts for 11 percent of Amazon's sales. AWS remains the leading cloud computing vendor, but Microsoft and Google are both growing more quickly.