Amazon Is Charging Full-Speed Ahead With Its Growth Plans in This Key Area
Amazon (NASDAQ: AMZN) is cutting back in a lot of areas, but its cloud-computing business isn't one. The online retail giant plans to cut 10,000 jobs across its retail, devices, and human resources divisions, but it might actually be hiring in cloud computing.
Amazon Web Services marketing chief Matt Garman said he expects his division to add staff in 2023. He also thinks the company will build more data centers in the coming year. Here's how that might impact investors going forward. Let's see what that should mean for investors.
Amazon's cloud division, known as AWS, posted its slowest revenue growth ever in the third quarter since it started breaking out its results in 2014. Revenue increased just 27% year over year in Q3. What's more, its operating margin contracted, falling 4 percentage points from 30.3% in the third quarter of 2021 to 26.3%.
Source Fool.com
