Microsoft vs. AWS vs. Google Cloud Q1 2024 Earnings Showdown

CRN compares Microsoft, Google Cloud, and AWS's recent Q1 2024 earnings results, including revenue growth, cloud market share, total revenue, and operating profit.

Cloud revenue results for Q1 2024 as the world's top three cloud computing companies – Microsoft, Google Cloud and Amazon Web Services – continue to battle for global cloud market share.

Combined, these three cloud leaders had total revenue of over $61 billion in Q1 2024.

Google, Microsoft, and Amazon recently announced their financial cloud quarterly results for the first three months of 2024, with each company reporting record quarterly cloud revenue with double-digit growth rates.

John Dinsdale, principal analyst at Synergy Research Group, said in an email to CRN that the three market leaders have all seen significant growth increases over the past two quarters, which is a significant increase for cloud providers. He said there is a lot of good news.

Cloud services spending will reach $76 billion in Q1 2024

When it comes to global cloud market share in the first quarter of 2024, AWS, Microsoft, and Google collectively captured 67% of the $76 billion global cloud infrastructure services market, according to new data from Synergy Research Group.

Global spending on cloud infrastructure services in Q1 2024 was $76 billion, representing a 21% year-over-year increase, or $13.5 billion, compared to Q1 2023.

In short, Dinsdale said this was a very good quarter for the cloud market, with growth rates recovering from the relative low levels seen through much of 2023.

Looking at each cloud company's revenue numbers, Google Cloud generates revenue from Google Cloud Platform (GCP), platform services, infrastructure, collaboration tools like Google Workspace, and other IT services for customers. AWS generates revenue from infrastructure services, platform services, and other cloud services. It's important to note that Microsoft doesn't release exact revenue numbers for Azure to the public. Instead, Microsoft is consolidating Azure, SQL Server, Windows Server, Visual Studio, Nuance, GitHub, Microsoft Partner Network, and enterprise and partner services all under its Intelligent Cloud umbrella.

Here are the exact sales, revenue growth, cloud market share, operating profit, and parent company financial results for Google Cloud, Microsoft, and AWS for Q1 2024.

Q1 2024 Total Revenue/Annual Occupancy

Microsoft: $26.7 billion/$107 billion

AWS: $25 billion/$100 billion

Google Cloud: $9.6 billion/$38.4 billion

Microsoft's Intelligent Cloud business generated total revenue of $26.7 billion during the quarter. This means that the Microsoft Cloud Group's utilization rate is now $107 billion.

AWS generated revenue of just over $25 billion in the first quarter of 2024. This means that the annual operating rate of Amazon's cloud business is now his $100 billion.

Google Cloud reported total revenue of $9.6 billion for the first quarter of 2024. This indicates that Alphabets' cloud business currently has an annual operating rate of $38.4 billion.

These Q1 2024 revenue results represent record quarterly revenue for all three cloud companies.

Sales growth in Q1 2024

Google Cloud: 28%

Microsoft: 21%

AWS: 17%

Of the three cloud giants, Google Cloud reported the highest year-over-year revenue growth of 28%. Google Cloud's revenue increased from approximately $7.5 billion in the first quarter of 2023 to $9.6 billion as of the first quarter of 2024.

Microsoft's intelligent cloud business grew 21% year over year from $22.1 billion to $26.7 billion in Q1 2024. Microsoft saw server products and cloud services revenue increase 24%, driven by a 31% increase in revenue from Azure and other cloud services.

AWS revenue growth increased 17% from $21.4 billion in Q1 2023 to more than $25 billion in Q1 2024.

Global cloud market share in Q1 2024

AWS: 31%

Microsoft: 25%

Google Cloud: 11%

According to Synergy Research Group, global enterprise spending on cloud infrastructure services exceeded $76 billion in the first quarter of 2024, an increase of 21% year over year.

AWS ranks first in the global cloud market with a 31% share, a title it has held for more than a decade, while Microsoft has gradually closed the gap in market share over the past few years. Ta.

Microsoft took second place in the global cloud services market with a 25% share.

Google Cloud has captured 11% share of the global cloud market. The company's market share has hovered around 10% to 11% over the past few years, solidifying its position as the world's third-largest cloud computing provider.

Other cloud market share leaders in Q1 2024 include Alibaba with 4% market share and Salesforce with 3% cloud share.

Operating income

Microsoft: $12.5 billion

AWS: $9.4 billion

Google Cloud: $900 million

Operating income for Microsoft's Intelligent Cloud business was $12.5 billion in the first quarter of 2024, compared to $9.5 billion in the first quarter of 2023, representing 32% year-over-year growth.

AWS operating income for the first quarter of 2024 was $9.4 billion, up from $5.1 billion in the year-ago period. This means that AWS operating profit improved by 84% from his Q1 2023 to Q1 2024.

Google Cloud's operating income for the first quarter was $900 million, up from $191 million in the year-ago period. Before 2023, Google Cloud's operating income was always in the red.

Parent company performance for the first quarter of 2024

Amazon: $143 billion

Amazon, the parent company of AWS, had net sales of $143 billion in Q1 2024, an increase of 12% compared to $127 billion in Q1 2023. Amazon's operating income was $15.3 billion compared to $4.8 billion in the first quarter of 2024. -2023 quarter.

In the first quarter of 2024, AWS accounted for 17.5% of Amazon's total revenue.

Google/Alphabet: $80.5 billion

Google Cloud parent company Alphabet's revenue totaled $80.5 billion, an increase of 15% compared to $69.8 billion in the first quarter of 2023. Alphabet's operating income for the quarter was $25.4 billion, up from $17.4 billion in the first quarter of 2023.

Google Cloud accounted for 12% of Alphabets' total revenue in the quarter.

Microsoft: $62 billion

Microsoft generated approximately $62 billion in revenue in the first quarter of 2024, an increase of 17% compared to approximately $53 billion in the first quarter of 2023. Microsoft's total operating income for the first quarter of 2024 was $27.6 billion, an increase of 23% year over year. . Net income was $21.9 billion, an increase of 20% from the same period last year.

In the first quarter of 2024, Microsoft's intelligent cloud business accounted for 43% of Microsoft's total revenue.

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