E-commerce giant Amazon AMZN just released its second-quarter fiscal 2017 financial results, and as one of the largest companies in the S&P 500, it has significant market-moving potential. Amazon made its name as an online shopping marketplace, but one of the most notable aspects of today’s report was the latest data from Amazon Web Services.(Also Read: The Complete Guide To Everything Owned By Amazon)Web Services is a collection of enterprise-level platforms designed for websites and companies that can’t afford the time or money it takes to develop their own server farms. In other words, AWS provides cloud-based storage and templates for companies to quickly boost their computing capabilities.Launched a decade ago, AWS has really exploded in popularity over the past few years. Last quarter, Amazon reported AWS segment revenues of $3.661 billion—an increase of 43% year-over-year on a constant currency basis.According to Amazon’s just-released report, AWS revenues totaled $4.100 billion in the second quarter. This marks growth of about 42% sequentially and 12% sequentially. This is just about in-line with recent growth rates, which means Amazon has been able to maintain its impressive momentum here.Interestingly, segment operating income increased just 27.6% to $916 million. Segment operating margin was down about 10% to 22.3%, and since AWS is a key driver of Amazon’s profit, this could be a reason for the company’s massive earnings miss.Overall, Amazon posted earnings of $0.40 per share, which missed the Zacks Consensus Estimate by more than a dollar.Make sure to check back later for more commentary on the growth of Amazon Web Services!Want more stock market analysis from this author? Make sure to follow @https://twitter.com/Ryan_McQueeney!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); on Twitter!More Stock News: Tech Opportunity Worth $386 Billion in 2017From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future. Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research