"On the Q4 earnings call, management stated that AWS grew mid-teens [year-over-year] in January, which represents a further deceleration from the 20% growth in 4Q22," Jefferies analysts, who maintain a buy rating on Amazon shares, wrote in a note to clients Tuesday. They said AWS growth is likely to come in at 13% in the first quarter.
CEO Andy Jassy has been aggressively cutting costs in an effort to bolster profitability. The company is in the middle of layoffs that are expected to lead to 9,000 job cuts across Amazon's AWS, advertising, human resources, video games and Twitch livestreaming units. Combined with the 18,000 people it let go in recent months, the cuts amount to the biggest downsizing in Amazon's 29-year history.
Jassy has been winding down some of Amazon's more unproven bets and slowing warehouse expansion. On Wednesday, Amazon announced it would stop selling its line of Halo health and fitness devices and disband the team working on the effort, which resulted in some layoffs.-fueled e-commerce boom has fizzled as consumers have increasingly returned to physical stores. Shoppers have also been more cautious with their discretionary spending amid rising food and gas prices.
Even amid the cost cuts, Jassy said Amazon is investing in areas like grocery, health care, its Kuiper internet satellite service and generative artificial intelligence. AWS recently jumped into the generative AI race with the , a service that lets developers use large language models developed by Amazon and others to create their own tools.
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