Amazons cloud business just recorded its weakest growth to date and missed analysts estimates
Summary
Amazon said Thursday that revenue growth in its cloud-computing unit slowed in the third quarter to 27.5%, missing analysts estimates. AWS, which Amazon launched in 2006, controlled about 39% of the cloud infrastructure market in 2021, down from 41% in 2020, according to estimates from technology industry researcher Gartner. The industry has seen steady growth as businesses continue to offload their computing and storage to the cloud. During the quarter AWS launched its second cloud data center region in the United Arab Emirates, and it announced the availability of "serverless" services that help developers deploy data-analytics tools with minimal server-management work. Amazon has slowed the pace of hiring in AWS, even as it continues to grow faster than the companys core e-commerce business.