For the second time in recent days, a major service provider is pointing to growing cloud revenues. Specifically, Terremark Worldwide’s cloud business climbed to a annualized revenue run rate of $17.2 million during the company’s December-ended third fiscal quarter. Here’s a look at the news.

Terremark’s cloud revenue momentum comes only a few days after Savvis Inc. disclosed its own cloud momentum.

When Terremark first broke out a cloud number back in August 2009 the company pointed to a $2.5 million run rate.  Manuel Medina, Terremark chairman and CEO, noted during the company’s most recent earning call that Terremark’s cloud computing Strike Force Team has boosted its business among enterprise customers. Medina cited recent cloud wins with IBM and Pitney Bowes. In addition, H&R Block, a long-time Terremark managed hosting customer, has started to acquire cloud services, Medina said.

Government customers also contribute to Terremark’s cloud prospects. The company has cited the federal sectors as source of growth. Terremark anticipates further cloud expansion. Medina said Terremark has started the current quarter “with a bang” and expects “to see some significant cloud momentum building up over the next year.”

In another cloud effort, Terremark has begun cultivating a white label business. Medina said Terremark is providing cloud infrastructure to a VAR he identified as Champion. Champion Solutions Group launched a cloud services division in December.

Other Q3 details:

Reality Check

While a growing number of companies point to cloud success, MSPmentor continues to believe we’re in a cloud bubble filled with hype from aspiring cloud vendors that don’t have a track record in the market.