Amazon Web Services reported third-quarter revenue of $33 billion, an increase of 20% from the prior year and the biggest year-over-year rise since the end of 2022. (Photo: Noah Berger\Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Amazon.com Inc.’s cloud unit posted the strongest growth rate in almost three years, reassuring investors who were concerned that the largest seller of rented computing power was losing ground to rivals.

Amazon Web Services reported third-quarter revenue of $33 billion, an increase of 20% from the prior year and the biggest year-over-year rise since the end of 2022. Analysts, on average, estimated 18% growth.

Investor expectations for the cloud business were relatively low heading into Thursday’s earnings report after the company i

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