Amazon’s Cloud Business Is Growing Like Crazy

Amazon’s cloud business is growing like crazy, and could hit $1 billion in revenue next year according to analysts, Reuters reports. Right now Amazon Web Services, its cloud computing unit, is small enough that Amazon doesn’t report its revenue, but according to estimates, it generated $500 million in revenue last year and will do $750 million this year–a 50% growth rate, which is impressive for such a large unit. If Amazon really hits these milestones it will be a big event not just for the company, but for the cloud computing industry in general.