AWS cloud growth slows, but all eyes are on the tariff-shaped elephant in the room anyway

Amazon turned in total revenue of $155.7 billion for the first quarter ended 31 March, but AWS revenue grew at its slowest pace in five quarters. The cloud arm reported a 16.9% increase year-on-year in quarterly revenue, to $29.27 billion, but that missed Wall Street expectations and was lower than growth reported by Google Cloud and Microsoft - 28.1% and 20% respectively.

AWS sits at a $117 billion annualized revenue run rate, said CEO Andy Jassy, with new AWS agreements during the quarter signed with Adobe, Uber, Nasdaq, Ericsson, Fujitsu, Cargill, Mitsubishi Electric Corporation, General Dynamics Information Technology, GE Vernova, Booz Allen Hamilton, NextEra Energy, Publicis Sapient, Elastic, Netsmart, and many others. He argued:

It's useful to remember that more than 85% of the global IT spend is still on premises, so not in the cloud yet. It seems pretty straightforward to me that this equation ...