Disappointing earnings from Apple Inc , Alphabet Inc and Amazon.com on Thursday renewed concerns of a slowdown in demand as consumers and businesses remain cautious about spending amid rising economic uncertainty.
by a warning from the e-commerce giant that its lucrative cloud business was set for slower growth in the next few quarters.
"This year is likely to be a difficult year for AWS growth. One of the key advantages of AWS – that it is easy to flex spending upwards – is also one of its key disadvantages when the economy slows down," said Atlantic Equities analyst James Cordwell.Shares of the three companies - all of which have market valuations of more than a trillion dollars - were trading between -4.9% and 1.5%. The stock slump also dragged the wider market lower.
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