Amazon cloud revenue, income forecast disappoint, shares slide
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Amazon.com on Thursday reported first-quarter cloud revenue growth and forecast operating income below estimates, disappointing investors. Shares of the company fell as much as 5% in after-hours trading before paring losses to about 1%. Amazon Web Services, the company's cloud unit, recorded a 16.9% increase in quarterly revenue, to $29.27 billion, missing expectations of 17.4% growth and $30.9 billion in sales. Rival Microsoft, by comparison, reported on Wednesday it had exceeded estimates for its Azure cloud unit. AWS revenue grew at its slowest pace in five quarters. "It's always felt like AWS and Google Cloud were taking the most share for quite some time, but maybe that's starting to turn because Microsoft posted great numbers," said Dave Wagner, portfolio manager at Aptus Capital Advisors. He said expectations for Amazon were higher after Microsoft's strong performance. Live Events After Microsoft's res...