CRN breaks down the head-to-head comparison of Microsoft, AWS and Google Cloud’s recent financial earnings results for third-quarter 2024, including revenue, sales growth, cloud market share and operating income.

The world’s three largest cloud computing companies have reported their financial earnings results for the third-quarter 2024 calendar year, with Google Cloud growing revenue the fastest, Amazon Web Services generating the most revenue and Microsoft reporting the most operating income.

These three cloud titans combined accounted for 64 percent share of the entire $84 billion enterprise cloud infrastructure services market for third-quarter 2024, according to new data from Synergy Research Group.

In total, Google Cloud, Microsoft and AWS generated $63 billion in cloud revenue.

CRN breaks down the results of Google Cloud, AWS and Microsoft earnings around cloud market share, revenue growth, parent company outcome, operating income, total revenue and current annual run rates.

[Related: AWS Vs. Microsoft Vs. Google Cloud Earnings Q2 2024 Face-Off]

Microsoft Azure Vs. Google Cloud Platform Vs. AWS

Each of these three cloud giants’ results are primarily based off revenue generated from their flagship cloud platform, such as Microsoft Azure, AWS Cloud and the Google Cloud Platform (GCP).

It is key to note that Microsoft’s Intelligent Cloud includes server products, Azure and other cloud services. It does not include productivity sales, such as from Office 365, or sales from PCs like Windows. Microsoft’s fiscal first-quarter 2025 results are in the same three-month span as calendar year third-quarter 2024, which ended Sept. 30.

Google Cloud revenue consists of infrastructure and platform services, while AWS revenue includes compute, storage, database and other services sales.

Solution providers, investors and customers should all take a long look at these quarterly cloud earnings results from AWS, Google Cloud and Microsoft Azure.

Total Revenue/Annual Run Rate

AWS: $27.5 billion/$110 billion

Microsoft: $24.1 billion/$96.4 billion

Google Cloud: $11.4 billion/ $45.6 billion

AWS generated $27.5 billion in total revenue during the third quarter of 2024. This means Amazon’s cloud business is now running at a record $110 billion run rate.

Microsoft’s Intelligent Cloud group reported revenue of $24.1 billion in the quarter, up from approximately $20 billion year over year. Azure revenue is included in the company’s Intelligent Cloud business.

Google Cloud generated total revenue of $11.4 billion during the quarter. This means Alphabet’s popular cloud business is now at a $45.6 billion annual run rate.

Sales Growth

Google Cloud: 35 percent

Microsoft: 20 percent

AWS: 19 percent

The fastest-growing cloud giant is Google Cloud, which saw revenue increase 35 percent year over year in third-quarter 2024. Google’s cloud business grew from $8.4 billion in third-quarter 2023 to now $11.4 billion.

Microsoft’s Intelligent Cloud group reported net revenue of $24.1 billion, which represents a 20 percent increase compared with $20 billion year over year. Microsoft server products and cloud services revenue increased 23 percent year over year in the quarter driven by Azure and other cloud services revenue growth of 33 percent.

AWS increased total revenue by 19 percent year over year to $27.5 billion compared with $23 billion in third-quarter 2024.

Cloud Market Share Q2 2024

AWS: 31 percent

Microsoft: 20 percent

Google Cloud: 12 percent

Enterprise spending on cloud infrastructure services hit $84 billion worldwide during the third quarter, representing an increase of 23 percent year over year, according to new data from IT market research firm Synergy Research Group.

AWS placed No. 1 for market share by winning 31 percent of the global share.

Microsoft ranked No. 2 at 20 percent share of the global cloud market.

Google Cloud won third place for worldwide market share at 12 percent share.

All three companies have ranked as the top three global cloud providers in the world since 2018.

Operating Income

Microsoft: $10.5 billion

AWS: $10.4 billion

Google Cloud: $1.9 billion

Microsoft’s Intelligent Cloud group reported operating income of just over $10.5 billion during the quarter. This is approximately 18 percent higher year over year compared with the cloud group’s operating income of $8.9 billion in ts first-quarter 2023.

AWS generated operating income of $10.4 billion in the third quarter. This is up 48 percent year over year compared with AWS operating income of $7 billion in third-quarter 2023.

Google Cloud reported operating income of $1.9 billion as the company continues to show positive operational income quarter after quarter after being in the red prior to 2022. Google Cloud’s operating income in third-quarter 2023 was $266 million.

Parent Company Results

Amazon: $159 billion

AWS parent company Amazon generated total revenue of $159 billion in the third quarter. This represents an 11 percent revenue increase year over year compared with $143 billion in third-quarter 2023. Amazon’s operating income for the quarter increased to $17.4 billion compared with $11.2 billion year over year.

Google/Alphabet: $88.3 billion

Google Cloud parent company Alphabet reported overall revenue of $88.3 billion, up 15 percent year over year. Operating income for Alphabet was $28.5 billion, up significantly year over year from $21.3 billion in third-quarter 2023.

Microsoft: $65.6 billion

Overall, Microsoft generated $65.6 billion during the quarter, representing a 16 percent revenue increase year over year. Total operating income for the software and cloud giant was $24.7 billion, up 11 percent year over year.