In another earnings report, that confirms our suspicions that we have been warning our clients over, Amazon (
AMZN) is the latest company to report what we suspected. The shares tumbled as much as 5% in after-hours trading following a fourth-quarter earnings report that revealed slower-than-expected cloud growth and a weaker outlook for Q1 revenue and profit. The decline erased approximately $90 billion in market value.
The report also has investors questioning AI Spending.
Amazon Web Services (AWS), long the company’s most profitable segment, posted a 19% year-over-year revenue increase to $28.79 billion, falling just short of LSEG’s consensus estimate of $28.87 billion. AWS joins Microsoft and Google in reporting decelerating cloud growth, a trend that has made investors increasingly wary of Big Tech’s capital-intensive AI ambitions. CEO Andy ...
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