Google Cloud delivered one of the rarest combinations in Big Tech — faster growth and wider profitability at the same time. Just over three years ago, Google Cloud was losing money. Revenue growth accelerated from 28% at the beginning of last year to 48%, then 63%, and now 82%. As the chart shows, Google Cloud is doing the opposite — keeping more of each sales dollar even as business accelerates. As the chart below shows, the backlog fell from nearly six years of annualized Cloud sales to just over five.