Company Of The Day: Amazon
What?
The Pentagon canceled a planned $10 billion cloud-computing contract called JEDI that was awarded to Microsoft in 2019. This will be replaced with a project that will most likely be split between Microsoft(NASDAQ:MSFT) and Amazon(NASDAQ:AMZN).
Why?
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The 10-year deal with Microsoft was legally challenged by Amazon, which said that it was awarded under political pressure during the Trump administration.
So What?
Although Amazon Web Services accounts for less than 15% of Amazon’s total revenues, it remains a key driver of Amazon’s profitability and valuation. Amazon stock has rallied by almost 5% over the last two trading days following the news.
See Our Complete Analysis For Amazon
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