And while Amazon’s holiday revenue beat Wall Street’s expectations, the company believes sales growth in its long-lucrative cloud business will slow for the next few quarters, its chief financial officer told reporters.
Shares fell 5% in after-hours trade, erasing most of their 7% gain before the market’s close Thursday.
Making a rare appearance on Amazon’s quarterly call with financial analysts, Chief Executive Andy Jassy said “virtually every enterprise” was treading carefully on cloud and other costs in light of economic uncertainty.
“We’re going to help our customers find a way to spend less money,” he said. “We’re trying to build a set of relationships in business that outlasts all of us.”
Facing high inflation and recession fears, Jassy has embarked on extensive cost-cutting inside Amazon as well.
Last month, the online retailer said more than 18,000 employees particularly in its commerce and human resources divisions…
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