) recently announced the launch of its cloud-based storage
service, Amazon Cloud Drive, on Amazon.ca for its Canadian
customers, further expanding its services in North America.
All customers, whether using
) Windows devices,
) Mac devices, or accessing the storage service through any
browser, will be able to upload, store and securely access their
stored digital files. Photo-sharing on
) Android and iOS devices has also become easy with Cloud Drive
Photos. Amazon will provide 5 GB storage free of charge and
additional storage will cost CAD $10 per annum.
Amazon's Cloud Drive includes a unique feature called File
Sync which automatically synchronizes customers' files and helps
them in managing files stored in the Cloud Drive from their PCs,
thus allowing them to access the most recent versions of those
files anywhere and at any time.
Cloud storage came into prominence in 2009 with Nirvanix and
Amazon's Simple Storage Service (S3) being two of the major
pioneers. Since then, Amazon has continued to dominate the space,
with other players like Rackspace and Microsoft offering
their own solutions.
Market research firm IDC predicts that the cloud market will
jump 130%, reaching $43.0 billion in 2016. Further, Gartner
predicts that around $200.0 billion would be spent on cloud
services within 2016. Amazon, with its solid portfolio should be
able to tap this opportunity.
Amazon is one of the leading players in the extremely
fast-growing retail e-commerce market. While the strong growth
prospects are making the market more competitive by the day,
Amazon continues to maintain and even grow its share on the back
of its consistent and reliable service. Amazon's scale of
offerings, its broad reach and platform approach are the keys to
In the first quarter of fiscal 2013, Amazon reported revenues
of $16.07 billion, down 24.4% sequentially and up 21.9% from the
year-ago quarter. This was in line with the guidance for the
quarter of $15.0-16.6 billion (down 25.7% sequentially, or up
19.8% year over year at the mid-point), although missing our
expectations by a sliver. Year-over-year revenue growth was 24%
excluding unfavorable currency impact.
Amazon currently has a Zacks Rank #3 (Hold).
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