The cloud-computing unit revenue grew at a slower rate in the third quarter than analysts had expected. It is the slowest expansion since Amazon began reporting on their finances.
According to a statement from the company, revenue came in at $20.5 billion, which was higher than StreetAccount's estimate of $21 billion. The revenue increased in the second quarter. Amazon's total revenue now includes the contribution ofAWS.
According to estimates from technology industry researcher, Amazon's dominance of the cloud infrastructure market fell from 40% in 2020 to 39% in 2011. The three companies gained share last year, according to the research firm. As businesses continue to use the cloud for computing and storage, the industry has continued to grow.
The StreetAccount consensus was for operating income to be $6.37 billion. Amazon had over $2 billion in operating income in the most recent quarter. The operating margin was down in the second quarter.
During the quarter, it launched its second cloud data center region in the U.A., and it also announced the availability of serverless services that help developers deploy data-analytics tools with minimal server-management work.
Even though it continues to grow faster than the company's core e- commerce business, Amazon has slowed the pace of hiring. In some parts of Amazon, it has met its hiring needs, while in others it has thousands of job openings, a spokeswoman for the company told CNBC. As a result of the comments, Microsoft and Google indicated they would reduce their workforces.
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