Amazon’s (NASDAQ:AMZN) Amazon Web Services Revenue rose from around $35 billion in 2019 to about $62 billion in 2021. Trefis expects the metric to rise to over $80 billion in 2022 and to about $101 billion in 2023.
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We expect growth to be driven by rising demand for web services, as companies look to cut their IT infrastructure costs. Moreover, growth in online media and e-commerce could also drive AWS revenues.
We don’t think the full potential of AWS is priced into Amazon stock. We value Amazon at about $4,100 per share, about 38% ahead of the current market price.
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|S&P 500 Return||0%||-8%||96%|
|Trefis MS Portfolio Return||-1%||-11%||249%|
 Month-to-date and year-to-date as of 3/4/2022
 Cumulative total returns since the end of 2016