AMZN is dragging other cloud stocks down today
4h ago · By William White, InvestorPlace Writer
- Cloud stocks are taking a beating on Friday.
- This movement comes after Amazon (AMZN) released its latest earnings report.
- The company’s cloud business isn’t doing as well as investors had hoped.
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The big news that has traders in cloud stocks worried is the company’s cloud performance in the first quarter. Specifically, during a conference call with investors, company leaders noted that AWS is still facing challenges.
It’s worth noting that Amazon is among the tech companies laying off employees to reduce costs. This has seen the firm completely give up on recent bets as it looks to reign in costs. The layoffs have included some employees of AWS.
Andy Jassy, CEO of Amazon, said the following about the company’s cloud business:
“[W]hile our AWS business navigates companies spending more cautiously in this macro environment, we continue to prioritize building long-term customer relationships both by helping customers save money and enabling them to more easily leverage technologies like Large Language Models and Generative AI.”
This news has cloud stocks dropping today as investors grow uncertain about the sector. Let’s get into that real quick below!
Cloud Stocks Down On Friday
- AMZN stock starts us off with the company’s shares down 3.4% as of Friday morning.
- Crowdstrike (NASDAQ:CRWD) shares join our list with the stock taking a 2.4% beating so far today.
- Snowflake (NYSE:SNOW) stock is next with the company’s shares sliding slightly lower as of this writing.
- Twilio (NYSE:TWLO) shares finish off our list of cloud stocks falling with an almost 1% drop this morning.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Friday! Among that is what has shares of AMTD Digital (NYSE:HKD), Lazard (NYSE:LAZ) and Exela Technologies (NASDAQ:XELA) stock on the move today. All of that news is ready to go below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.