Huh. I guess we've looked at clouds from both sides now.
From ZeroHedge:
Amazon Erases 12% Gain, Turns Red After Revealing Sharp Slowdown In April AWS Growth
Update (6:00pm): Everything was going ok, with AMZN stock soaring as much as 12% and then suddenly AMZN stock erased all gains and turned red during the company's analyst earnings call (the media call held an hour earlier went by ok).
There was initially some confusion what sparked the plunge, but it eventually was revealed that during the call, Amazon said that “Customers continue to evaluate ways to optimize their cloud spending in response to these tough economic conditions in Q1 and we are seeing these optimizations continue into Q2 with April revenue growth rates about 500bps lower than what we saw in Q1."
As noted earlier (see below), AWS did a little better than analysts had expected in 1Q, but that might not be worth much if growth continues to drift toward single digits.
The company tried to provide some favorable spin with the CEO saying that he is "pretty optimistic that we have a chance not just to recover to where we were pre-pandemic in terms of operating margin, but I think there is additional upside with some of the opportunities we've identified" but by now it was too little too late, and the stock had erased all of its earlier gains and was on the verge of turning red for the day.
....MORE
After-hours last $107.71, down $2.11 (1.92%)
...From up and down, and still somehow
It's cloud illusions, I recall
I really don't know clouds at all
(apologies to Joni Mitchell)
Here she is in 2022 in her first concert appearance since her near-fatal brain aneurysm in 2015:
That's Brandi Carlile by her side. Not to be confused with Belinda Carlisle in the earlier musical commentary.
