How Amazon and Microsoft print
Stores are the sales. AWS is the profit. Ads are the quiet third engine.
Azure and Office. GitHub and OpenAI sit inside the cloud story.
The mix
Hover a slice
Amazon- Online stores68%—
- AWS17%—
- Ads10%—
- Other5%7%
- Intelligent Cloud—43%
- Productivity—32%
- More Personal—18%
- AmazonMicrosoft
Amazon
Do not read revenue as profit. The warehouse is volume. The region is the margin.
Pays: Shoppers. AWS accounts. Advertisers on the store.
Builds: Retail, logistics, AWS, ads. The SWE book is split across those.
Microsoft
The enterprise already pays. Copilot is an attach on a paid seat.
Pays: IT buyers. Developers on Azure and GitHub. Consumers on Windows / Xbox.
Builds: Azure, Office, GitHub, AI platform. PM and cloud IC are the volume seats.