# The Amazon Growth Story Is More Than AWS | Deepwater Asset Management

<https://deepwatermgmt.com/amazon-is-more-than-aws/>

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- Saved: May 4, 2023 (2023-05-04T21:26:19Z)
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## What Jamie wrote

A look deeper on Amazon's financial results and AWS growth.

> Key Takeaways
>
> 1. AWS is losing market share and profitability has been declining.
> 2. Amazon is more than AWS - in the future, other segments will drive profitability including retail, ads, and health.

I find the variability in operating margin wild. Azure at 43%, AWS at 24%, and Google Cloud at 3%?  Suggestion is this is the result of discounting, and Azure is holding its prices more. It also makes me wonder about investment in growth. Is Azure investing slower?

Forward looking I don't see Amazon's brand having the power it needs in Health. Maybe, but they have work to do. Advertising is a huge business for them already, but that seems like a pivot to volatility for them. Retail is obvious.

## Facts

- Kind: [Page](https://links.thingelstad.xyz/kinds/page/)

## Appears in

- [WT253: Weekly Thing #253 / Domains, Anybox, Currl](https://weekly.thingelstad.com/archive/253/), Notable

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