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aws2Amazon’s cloud computing business continues to rake in substantial amounts of cash.

Amazon Web Services generated $2.4 billion in net sales during the holiday quarter and operating income of $687 million. That’s up from $1.4 billion in sales and $240 million in operating income in the year-ago quarter. It’s also up from $2.1 billion in sales and $521 million in operating income during the third quarter.

For 2015 as a whole, AWS generated $7.9 billion in sales.

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Amazon CFO Brian Olsavsky said that the company is “very happy” with the AWS business and noted that it approached a $10 billion run rate in Q4. He added that AWS is “growing faster on a dollar basis than in any year-over-year or quarter-over-quarter period.”

“We feel like we have a lead in this space and we don’t take it for granted,” Olsavsky said on a conference call with analysts today. “We want to serve customers better each year.”

AWS, which offers cloud computing and storage services to more than one million customers like Netflix and Airbnb, posted a 28.5 percent operating margin during Q4 2015.

“That is driven a lot by efficiency,” Olsavsky said in regard to the operating margin. “There has been cost reduction in things we buy and utilization of the servers and data centers we have.”

Amazon added 722 new AWS services and features last year, up 40 percent from 2014.

AWS is clearly a crucial part of Amazon’s business, which only recently started posting quarterly profits. The company today reported net income of $482 million for the 2015 holiday quarter, which missed analyst expectations by 56 cents per share.

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