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Amazon posts strong profits but warnings over slowdown sparks dip in share gains

April 28, 2023

Via: Sky News

The company reported a nine per cent hike in revenue compared to last year.

But an early uplift in the tech giant’s stocks took a dip after chief financial officer Brian Olsavsky said cloud customers were seeking to cut their bills in the face of economic uncertainty.

Cloud services provide computing power remotely.

The company said Amazon Web Services (AWS) expanded 16% during the first quarter, which beat analyst expectations, but was much slower than the 37% growth rate seen the previous year.

Dennis Dick, an equity trader and market structure analyst at Triple D Trading, said shareholders were likely to sell.

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