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Why is Amazon.com Inc. (AMZN) Stock down?
25 Oct, 2023:
Shares of Amazon.com, Inc. (AMZN) dropped by 5.58% from $128.56 to $121.39 in the trading on Wednesday, October 25, 2023. The reason why AMZN stock down is due to concerns in the cloud computing market.
- Investors reacted to Alphabet's disappointing earnings report, which raised doubts about the growth potential of cloud computing leaders like Amazon. While Amazon's cloud services business, Amazon Web Services (AWS), had shown strong growth in previous years, its pace had slowed in the current year due to cautious spending by customers in an uncertain business environment. This cautious approach also impacted Google Cloud's growth.
- In contrast, Microsoft's cloud business, Azure, reported robust year-over-year growth of 29%, indicating continued optimism in the cloud market.
- The mixed signals in the cloud computing sector, along with concerns about the business climate, contributed to Amazon's stock decline.
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