Associated Press
- Amazon's cloud business is seeing a slowdown in growth as customers reduce spending.
- Amazon's execs say AWS growth will decline even further this quarter.
- Customers are optimizing spending as they look to reduce costs amid the economic downturn.
The growth of Amazon's cloud business was shaved in half as companies confronting an economic slowdown look to cut costs.
In other words, a bank that has fewer deals to make needs less computing power; same with an advertising agency that has fewer ads to place. All of that translates into less spend at Amazon Web Services, or AWS — Amazon's cash cow that brought in revenues of $21.4 billion last quarter.