Big Tech results reinforced concerns a boom in cloud services is easing, limiting a lucrative source of profit when a slowing economy has hit the companies' other businesses and prompting a bet on artificial intelligence as the next growth driver.
The poor results reflect a shift to post-pandemic frugality by corporate customers whose budgets have been squeezed in the past year by high inflation and rising interest rates. "The deceleration in AWS was even worse than expected and means Amazon can't rely on that business units' operating profits as much in coming quarters," said Andrew Lipsman, principal analyst at Insider Intelligence.
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Meta mojo is back: Earnings surprise sparks share surge, lifts Big TechMeta Platforms Inc shares rose nearly 20 per cent in premarket trade after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion.The company was set to add around $75 billion to its market value and would post its best day in a decade,
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