Top cloud providers Amazon, Microsoft and Google face ongoing spending cuts by clients
Publishing timestamp: 2023-04-30 09:00:01
Summary
Cloud computing market is still growing, but clients are looking to trim costs, resulting in slowing revenue growth for cloud divisions of major tech companies. Amazon Web Services saw a deceleration in revenue growth in the third and fourth quarters of 2022, and in April 2022, revenue growth had slumped by about five percentage points from the first-quarter growth rate. Google's cloud growth also slowed in the first quarter, even as the segment reached profitability for the first time. However, companies remain optimistic about the future of the cloud market and believe that businesses still have a long way to go before fully taking advantage of its benefits.
Sentiment: NEUTRAL
Keywords: breaking news: technology, business news, microsoft corp, sundar pichai, technology, alphabet inc, business, enterprise, amazon.com inc,
Source: https://www.cnbc.com/2023/04/30/cloud-providers-amazon-microsoft-and-google-face-spending-cuts.html