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Amazon's cloud business revenue has fallen short of expectations for the third consecutive quarter.
According to Mars Finance, Amazon's cloud business growth rate in the first quarter has fallen short of expectations for the third consecutive quarter. Amazon Web Services (AWS) revenue rose 17% to $29.27 billion, while analysts surveyed by StreetAccount had expected $29.42 billion. The growth rate has slowed compared to 18.9% in the fourth quarter of last year. AWS is the largest cloud infrastructure provider globally, accounting for about 19% of its parent company's total revenue. Its largest competitor, Microsoft, announced Wednesday that its Azure cloud business growth and guidance for the first quarter exceeded market expectations. The third-largest cloud computing provider, Google, reported slightly lower revenue than the market's general expectations last week.