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Amazon.com Inc. fell after warning that growth in its cloud computing business is cooling, dashing hopes that the company’s most profitable division would weather an otherwise lackluster environment for technology spending.
On a conference call Thursday, after reporting first-quarter profit and revenue that topped Wall Street estimates, executives jolted investors with the disclosure that sales growth at Amazon Web Services had slowed further in April. AWS revenue rose 16% to $21.4 billion in the first quarter, the weakest growth rate since Amazon began breaking out the unit’s sales.
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