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Data: Company filings; Chart: Andrew Witherspoon/Axios

Google has been spending heavily to win business away from Amazon Web Services, as evidenced by both companies' latest quarterly results, which were announced Tuesday.

The big picture: Google may be the leader in search, but when it comes to cloud services, it is still chasing after Amazon and Microsoft's Azure.

Between the lines: Google's revenue continues to grow, but so do its losses. Meanwhile, AWS continues to grow both the top and bottom line.

Consider this: It took 10 years for AWS to reach a $10 billion annual revenue run rate, a mark it reached in the first quarter of 2016.

  • Less than two years later, in the fourth quarter of 2017, AWS hit a $20 billion run rate.
  • It notched a $30 billion run rate just over a year after that, in Q1 2019, and then got to $40 billion by Q1 2020.
  • Now, per last night's fourth-quarter earnings report, it's already at a $50 billion run rate. And AWS' Q4 revenue wasn't far from the $13 billion that Google Cloud took in for all of 2020.

Yes, but: AWS' latest quarter did come in slightly below analysts' expectations for both revenue and profits.

Go deeper: Amazon's next act: The Bezos culture will live on

Go deeper

Feb 2, 2021 - Technology

Jeff Bezos stepping down as Amazon CEO

Photo: Mandel Ngan/Contributor via Getty Images

Amazon announced on Tuesday that founder Jeff Bezos will step down as CEO in the third quarter of this year and transition to executive chair of the company's board.

The big picture: Bezos will be replaced by Amazon Web Services chief Andy Jassy, who heads the booming cloud business division.

Felix Salmon, author of Capital
Feb 2, 2021 - Economy & Business

Exclusive: U.S. charitable contributions soared during pandemic

Illustration: Eniola Odetunde/Axios

Americans gave generously to charity in 2019 and even more generously in the first half of 2020, according to data from the National Philanthropic Trust (NPT) shared exclusively with Axios.

Why it matters: Data on giving from donor-advised funds, or DAFs, shows a 15.4% increase in total charitable donations in fiscal 2019, to $27.4 billion. In the first half of 2020, the pace of giving picked up further, with giving rising by 30% compared to a year previously.

Ben Geman, author of Generate
Feb 2, 2021 - Energy & Environment

Exxon reports $20 billion dollar loss and new board additions

Photo: David McNew/Getty Images

Exxon on Tuesday announced a roughly $20 billion dollar quarterly loss, signaling the latest challenges for the company that has now posted losses in the last four quarters.

Driving the news: The company's Q4 result stemmed from over $19 billion in write-downs on the value of its assets. But excluding the impairments, Exxon posted a small profit of 3 cents per share, and its stock ticked up slightly this morning.

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