{"id":1496,"date":"2023-04-28T15:44:25","date_gmt":"2023-04-28T19:44:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/amazon-stock-down-5-as-high-prices-slow-aws-growth\/"},"modified":"2023-04-28T15:44:26","modified_gmt":"2023-04-28T19:44:26","slug":"amazon-stock-down-5-as-high-prices-slow-aws-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1496","title":{"rendered":"Amazon Stock Down 5% As High Prices Slow AWS Growth"},"content":{"rendered":"<div>\n<p>Amazon\u2019s Jeff Bezos famously said, \u201cYour margin is my opportunity.\u201d Now AWS is being hoisted on Bezos\u2019 petard.<\/p>\n<p>How so? Amazon\u2019s profit engine is slowing down as rival cloud players are growing fast. My interviews with two upstarts \u2014 Wasabi Technologies and Sushi Cloud \u2014 suggest that AWS is overcharging as slowing economic growth pressures customers to reduce their costs.<\/p>\n<p>AWS\u2019s profitability depends on how well it can lock customers in, sell them more services, and make it expensive for them to leave. Fortunately for customers, upstarts are offering excellent point solutions for specific services \u2014 such as storage and compute \u2014 at prices low enough to more than offset AWS\u2019s high switching costs.<\/p>\n<p>AWS could grow faster were it to lower its prices enough to neutralize the effectiveness of that strategy. However, unless it reduces costs along with its prices, AWS profits will decline.<\/p>\n<p>After forecasting that its growth could slow considerably below its record-low 15.8%, AWS seems to be losing ground to Microsoft\u2019s Azure Cloud which raised growth guidance above analyst expectations.<\/p>\n<p>While analysts remain modestly bullish on Amazon, I do not see how AWS can recover to the 40% growth rate it previously enjoyed.<\/p>\n<p>(I have no financial interest in the securities mentioned).<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Amazon\u2019s First Quarter Results<\/h2>\n<p>Before getting into what ails AWS, Amazon reported strong results for the first quarter \u2014 with growth in advertising leading the way \u2014 sending its stock price up 10% on April 27.<\/p>\n<p>Amazon beat expectations for revenue and profit growth. For the March 2023-ending quarter, Amazon\u2019s sales increased 9% to $127.4 billion \u2014 more than Wall Street projected and its $3.2 billion in profit was \u201calmost 50% higher than analysts expected,\u201d reported the <em data-ga-track=\"ExternalLink:https:\/\/www.wsj.com\/articles\/amazon-amzn-q1-earnings-report-2023-cb206c2a?mod=hp_lead_pos1\">Wall Street Journal<\/em>.<\/p>\n<p>Aggressive cost cutting \u2014 global head count dropped 10% to roughly 1.46 million employees \u2014 contributed to Amazon\u2019s eye-popping first quarter profits. The company will slash 9,000 corporate jobs by the end of April after parting ways with 18,000 workers.<\/p>\n<p>Amazon cut people at AWS, advertising, streaming platform Twitch, its health-focused Halo unit, and its fitness tracker unit. In March the company paused construction on HQ2 \u2014 its Washington, D.C. corporate real estate project, noted the <em>Journal<\/em>.<\/p>\n<p>Growth varied across Amazon\u2019s business units:<\/p>\n<ul>\n<li>Advertising revenue grew by 21% to $9.5 billion \u2014 a slight slowdown from last year\u2019s 23% increase.<\/li>\n<li>AWS revenue increased 15.8% to $21.3 billion \u2014 marking a steady decline from the 40% growth it enjoyed in the fourth quarter of 2021, the <em>Journal<\/em> reported.<\/li>\n<li>Amazon\u2019s online store revenues have been decreasing and its results for the first quarter \u2014 $106 billion in revenue worldwide \u2014 were \u201croughly flat\u201d as its U.S. market share growth in e-commerce and Prime \u201cstalled after years of high growth,\u201d according to the <em>Journal<\/em>. Its global e-commerce business reported a $300 million operating loss.<\/li>\n<\/ul>\n<p>Amazon acknowledged challenges while remaining optimistic about the future. CEO Andy Jassy said AWS faces \u201cshort-term headwinds\u201d as companies cut cloud spending due to recession fears.<\/p>\n<p>Yet Amazon is investing in growth opportunities. These include its international, chip development, advertising, groceries, healthcare, satellite-internet business Project Kuiper, and generative AI for corporate customers, according to a recent shareholder letter.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">AWS\u2019s Performance And Prospects<\/h2>\n<p>With Jassy \u2014 AWS\u2019s longtime head \u2014 now approaching his second year as Amazon CEO, investors should be concerned about what the cloud unit\u2019s declining performance and prospects says about his leadership and that of AWS CEO Adam Selipsky.<\/p>\n<p>How so? In the first quarter, AWS revenue grew at its slowest rate ever, its operating profit of $5.1 billion landed 4% short of expectations, and its growth for the second quarter could be much slower, the <em>Journal<\/em> noted. At 24%, AWS\u2019s operating margin was the lowest it has been since 2017, <em>CNBC<\/em> reported.<\/p>\n<p>Amazon stock fell after CFO, Brian Olsavsky, told investors that the AWS growth rate in April is tracking five percentage points below its first quarter growth rate. Were that slowdown to continue, AWS could grow at 10.8% in the second quarter \u2014 well below the 13% Wall Street projects for the second quarter, the <em>Journal <\/em>wrote.<\/p>\n<p>The 3% drop in Amazon\u2019s stock price following Olsavsky\u2019s comment makes sense. That\u2019s because although AWS represents a mere 16% of Amazon\u2019s sales \u2014 with its retail unit losing money for the last six quarters \u2014 cloud services account for all of its operating profit, noted the <em>Journal<\/em>.<\/p>\n<p>AWS is responding by cutting costs and locking customers into longer-term contracts at lower prices. Selipsky issued an April 26 memo explaining that the business unit was cutting costs with the aim of \u201cidentifying and putting resources behind [its] top priorities \u2014 those things that matter most to customers and that will move the needle for our business.\u201d<\/p>\n<p>Amazon says it is helping AWS customers to \u201coptimize their spending.\u201d On April 27, Olsavsky told analysts that \u201cAmazon has been renegotiating contracts with customers that will lock them in to longer-term commitments and noted that $270 million in severance reserves took a chunk of profit away as AWS was hit in Amazon\u2019s 9,000 layoffs,\u201d <em>MarketWatch<\/em> reported.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">AWS Losing Market Share To Microsoft<\/h2>\n<p>Although its largest rivals saw growth slow down in the first quarter, their growth was much faster than AWS\u2019. This suggests AWS is losing market share.<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Large rivals growing much faster than AWS<\/h3>\n<p>AWS large cloud services rivals \u2014 Microsoft and Google<fbs-ticker data-name=\"GOOG\" data-href=\"https:\/\/www.forbes.com\/companies\/google\" data-type=\"stock\"><br \/>\n  GOOG<br \/>\n <\/fbs-ticker> \u2014 both experienced growth slowdowns. On April 25, Microsoft reported its Azure Cloud business grew 27% while Google\u2019s cloud unit increased 28%. Nevertheless, Synergy Research Group estimates that AWS holds on to roughly 34% of the cloud market, the <em>Journal<\/em> reported.<\/p>\n<p>Azure cloud \u2014 abetted by its generative AI technology \u2014 appears to be growing faster than AWS. Unlike AWS, Microsoft projected better-than-expected cloud growth for the current quarter, the <em>Journal<\/em> noted.<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Upstarts tapping customer resistance to AWS cloud lock-in<\/h3>\n<p>Upstarts are capitalizing on the dissatisfaction of cloud customers who feel locked in to AWS, Microsoft and Google \u2014 forcing customers to overpay for hundreds of different cloud services some of which are not best of breed.<\/p>\n<p>One such upstart \u2014 Boston-based Wasabi Technologies \u2014 closed a $250 million round of funding last September at a $1.1 billion valuation. Wasabi \u2014 which offers a cloud storage service \u2014 said it has won \u201ctens of thousands of customers.\u201d<\/p>\n<p>Companies buy from Wasabi because it \u201cenables organizations to store and instantly access an unlimited amount of data at 1\/5th the price of the competition with no complex tiers or unpredictable egress fees,\u201d CEO David Friend told me.<\/p>\n<p>Cloud services providers charge their customers egress fees to transfer their data out. French cloud management platform supplier Holori calculated that AWS charges $4,300 to transfer out 50 terabytes \u2014 second only to Alibaba Cloud\u2019s $6,150 egress charge. AWS\u2019s price is 1.25 times more than Google\u2019s fee and 1.27 times what Microsoft levies.<\/p>\n<p>One happy Wasabi customer \u2014 Cloudflyer, a Pasadena, Calif.-based cloud to cloud data transfer service operator \u2014 seeks to avoid such egress fees. As CEO Patrick Kennedy said, \u201cWasabi has quickly become the defacto safe haven for AWS and Microsoft Azure customers seeking to lower their growing cloud storage costs and do away with their expensive egress fees.\u201d<\/p>\n<p>Companies have been seeking to liberate themselves from being locked in to a single cloud provider.<\/p>\n<p>David Boland, Wasabi Vice President Cloud Strategy, told me on April 27, \u201cThe hyper scalers like AWS can&#8217;t be the best at all of their services. By focusing 100% of our attention on cloud storage, Wasabi can develop better technology, have a better understanding of the needs of our channel partners, technology alliance partners and end-users.\u201d<\/p>\n<p>By unbundling their cloud services, customers can get better quality at a lower price. Specifically, customers can choose the best of each service \u2014 e.g., cloud storage, compute, and content delivery.<\/p>\n<p>Boland says such best of breed vendors \u2014 Wasabi for storage, \u201cSushi Cloud for compute, Signiant for file acceleration, and Stackpath for content delivery\u201d are allying to provide customers with alternatives to AWS\u2019 \u201cwalled garden\u201d approach.<\/p>\n<p>Sushi Cloud shares Wasabi\u2019s view. As Shauna O\u2019Flaherty, Sushi Cloud Co-Founder, Chief Operating Officer, told me April 27, \u201cOh to have the luxury of being a monopolist! AWS has massive hidden fees \u2014 for example, Carnegie Mellon unintentionally left a machine running overnight and got an unexpected bill for $15,000 \u2014 and confusing billing practices associated with using their compute services.\u201d<\/p>\n<p>Sushi Cloud offers such customers considerable advantages \u2014 most notably, lower prices, faster computing times, quicker deployment times and a more predictable cloud compute budgeting.<\/p>\n<p>\u201cSushi Cloud is 80% cheaper because we are not forcing customers to use tools they do not need or do not want. We are a faster solution because we give customers \u2018bare metal\u2019 rather than slower hypervisors and virtual machines. One of our customers used to pay AWS $50,000 to train a large language model. We charge them $10,000,\u201d said O\u2019Flaherty.<\/p>\n<p>UCLA is a happy Sushi Cloud customer. Matthew McIntosh, UCLA doctoral researcher at TANMS Engineering Research Center, said, \u201cSushi Cloud allows us to forecast and budget for our projects. Sushi Cloud does not send me surprise bills and does not charge me egress fees to move my own data. It\u2019s super simple, secure, performative and they don\u2019t force tools I do not need.\u201d<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">AWS says it helps customers manage costs<\/h3>\n<p>AWS \u2014 which declined to comment on Wasabi and Sushi Cloud \u2014 says there are four reasons customers choose its cloud service. An AWS spokesperson told me April 26, <em>\u201c<\/em>AWS makes it easier for organizations to lower their overall infrastructure costs, and be flexible in scaling their resources up and down depending on what they use, and what they need.\u201d<\/p>\n<p>The spokesperson also noted that AWS:<\/p>\n<ul>\n<li>Innovates to improve performance while maximizing customer savings.<\/li>\n<li>Provides management tools to monitor and optimize cloud costs.<\/li>\n<li>Helps organizations become more agile in delivering new products faster\u2014with fewer resources.<\/li>\n<\/ul>\n<p>FINRA, a U.S. brokerage firm regulator, has saved money by using AWS compared to what it paid for its private data center back in 2013. According to FINRA CIO Steve Randich, \u201cBased on our calculations, the infrastructure cost savings, specifically around hardware and private data center infrastructure is 40% cheaper in AWS than it would be in a private data center.\u201d<\/p>\n<p>This customer case study strikes me as outdated. After all, the issue now is not whether companies should move from in-house computing to the cloud. Instead, cloud customers are seeking to liberate themselves from lock-in by the large cloud providers so they can get better performance on key computing services at a lower price.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Can Amazon Stock Go Up?<\/h2>\n<p>Analysts are modestly bullish about Amazon stock. <em>CNNMoney<\/em> reports that the 44 analysts offering 12-month price forecasts for Amazon set a median target of $134.50 \u2014 a 28% increase from its April 28 price of about $105.<\/p>\n<p>Morningstar<fbs-ticker data-name=\"MORN\" data-href=\"https:\/\/www.forbes.com\/companies\/morningstar\" data-type=\"stock\"><br \/>\n  MORN<br \/>\n <\/fbs-ticker> analyst Dan Romanoff has a higher price target of $137. As he wrote, \u201cWide-moat Amazon reported good first-quarter results and provided guidance for the second quarter that was better than we were anticipating. E-commerce was solid and advertising was resilient, and we applaud the operational improvements that drove higher margins, while on the downside, Amazon Web Services continues to decelerate.\u201d<\/p>\n<p>I think AWS will struggle to restore the 40% growth it enjoyed before the Fed started raising interest rates. With customers seeking to lower their cloud computing costs, unless AWS gives up its walled garden strategy, it will keep losing market share.<\/p>\n<p>Investors hoping that Amazon can resume the nearly 28% average annual growth rate it enjoyed during Jeff Bezos\u2019 final decade as CEO could be in for a long wait.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/petercohan\/2023\/04\/28\/amazon-stock-down-2-as-high-prices-slow-aws-growth\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amazon\u2019s Jeff Bezos famously said, \u201cYour margin is my opportunity.\u201d Now AWS is being hoisted on Bezos\u2019 petard. How so? Amazon\u2019s profit engine is slowing down as rival cloud players are growing fast. My interviews with two upstarts \u2014 Wasabi Technologies and Sushi Cloud \u2014 suggest that AWS is overcharging as slowing economic growth pressures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-1496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amazon Stock Down 5% As High Prices Slow AWS Growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Amazon\u2019s Jeff Bezos famously said, \u201cYour margin is my opportunity.\u201d Now AWS is being hoisted on Bezos\u2019 petard. How so? 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Amazon\u2019s profit engine is slowing","og_url":"https:\/\/ifintechworld.com\/?p=1496","og_site_name":"iFintechWorld","article_published_time":"2023-04-28T19:44:25+00:00","article_modified_time":"2023-04-28T19:44:26+00:00","og_image":[{"width":1200,"height":801,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/1682711066_0x0.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=1496#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=1496"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Amazon Stock Down 5% As High Prices Slow AWS Growth","datePublished":"2023-04-28T19:44:25+00:00","dateModified":"2023-04-28T19:44:26+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=1496"},"wordCount":1885,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Markets"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=1496#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=1496","url":"https:\/\/ifintechworld.com\/?p=1496","name":"Amazon Stock Down 5% As High Prices Slow AWS Growth | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-04-28T19:44:25+00:00","dateModified":"2023-04-28T19:44:26+00:00","description":"Amazon\u2019s Jeff Bezos famously said, \u201cYour margin is my opportunity.\u201d Now AWS is being hoisted on Bezos\u2019 petard. How so? 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