Amazon Web Services revenue has now slowed for five quarters in a row.
Amazon said AWS operating income came out to $5.12 billion, a bit under the StreetAccount consensus of $5.18 billion. AWS has generated profit for its parent company since 2014. Amazon as a whole had $4.77 billion in operating profit.
The operating margin for AWS, at 24%, was the narrowest it's been since 2017. On Wednesday, Adam Selipsky, Amazon's AWS CEO,saying the company had started informing employees who will be laid off from the division. "Both the size of our business and the size of our team have grown significantly over recent years, driven by customer demand for the cloud and for the unique value AWS provides," Selipsky wrote.
"This growth has come quickly as we've moved as fast as we could to build what customers have needed. Given this rapid growth, as well as the overall business and macroeconomic climate, it is critical that we focus on identifying and putting our resources behind our top priorities — those things that matter most to customers and that will move the needle for our business."
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