Once a reliable cash cow, Amazon’s cloud business slows as companies pull back on service

By HALELUYA HADERO
AP Business Writer

NEW YORK (AP) — Amazon is kicking off its annual security-focused cloud computing conference on Tuesday amid a slowdown in its profitable cloud business Amazon Web Services, or AWS. This year’s conference, held in Anaheim, California, comes as many businesses are looking to trim their expenses amid concerns about high inflation and fears a recession might be around the corner. Amazon executives have said businesses were being cautious about their spending and cutting back on AWS features they don’t need. Despite the pullback, AWS is still expected to be a long-term revenue driver for Amazon. One analyst says companies need a place to store their data and a shared cloud model is preferable for many because it allows them to share resources.