Don't Overlook This $104 Billion Item Buried In Amazon's Latest Report

On Oct. 27, e-commerce and cloud computing titan Amazon (AMZN 1.88%) reported financial results for the third quarter of 2022. The stock plummeted as a result. Studious investors undoubtedly read the official press release and noted slowing revenue growth, a steep decrease in operating income, and weak financial guidance.

However, one of the biggest numbers for Amazon -- $104.3 billion, to be exact -- is found not in the official earnings press release, but rather in its quarterly filing with the Securities and Exchange Commission (SEC).And it's the most important number for Amazon shareholders to be aware of, in my opinion.

Amazon Web Services has a massive backlog

Amazon Web Services (AWS) is Amazon's cloud-computing platform, helping companies like Netflix in creating its video content, Verizon in building out its 5G infrastructure, and even Vertex Pharmaceuticals in developing new drugs.AWS is so big that there's a good chance it's powering something you use today behind the scenes.