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Big Tech results reinforced concerns a boom in cloud<\/a> services is easing, limiting a lucrative source of profit when a slowing economy has hit the companies' other businesses and prompting a bet on artificial intelligence<\/a> as the next growth driver.
Earnings from Amazon<\/a>.com Inc and Microsoft<\/a> Corp - which together dominate the cloud market - showed growth in the business was at its lowest since they started breaking out the metric in 2015 and was on track to slow further.
Alphabet Inc, which has the smallest cloud business among the three, said Google Cloud<\/a> grew 32%, the slowest rise since the company began reporting the measure in 2019.
The poor results reflect a shift to post-pandemic frugality by corporate customers whose budgets have been squeezed in the past year by high inflation and rising interest rates.
\"Once thought as the most defensive revenue stream in tech, we are seeing investors questioning the cyclicality for the (cloud) business,\" analysts at Bernstein said.
Cloud services had long been a reliable source of earnings for Microsoft and Amazon.
The Windows maker posted growth of around 50% in its Azure cloud-computing business for each quarter of calendar 2020, when the pandemic forced people to work and study at home. Meanwhile, market leader Amazon Web Services<\/a> (AWS) reported sales jump of about 30% during the same period.
Times, though, have changed.
Growth at AWS slowed to a record low of 20% in the last three months of 2022 to $21.4 billion, slightly missing analysts' estimates of $22.03 billion, according to Refinitiv data.
Microsoft's revenue in its so-called intelligent cloud business that includes Azure rose 18% to beat expectations for October to December. But its current-quarter forecast of $21.7 billion to $22 billion was below estimates of $22.14 billion.
\"The deceleration in AWS was even worse than expected and means Amazon can't rely on that business units' operating profits as much in coming quarters,\" said Andrew Lipsman, principal analyst at Insider Intelligence.
Amazon finance chief Brian Olsavsky said on Thursday that the company expects slower cloud growth rates for the next few quarters. That echoed Microsoft, which said last week that growth in its Azure cloud-computing business would slow by 4-5 basis points in the March quarter.
\"You've just come off two years of rapid movement of workloads to the cloud, there's probably a lot of inefficiency in cloud spending and now there is a shifting focus to greater efficiency,\" said James Cordwell, analyst at Atlantic Equities.
AI<\/a> SILVER LINING<\/strong>
A potential boom in AI after the viral success of OpenAI's ChatGPT could boost demand for cloud services again though, analysts said. AI applications require massive computing power, a boon for companies whose services help run the technology.
As an investor and partner of OpenAI, Microsoft looks well poised, analysts said, but any gains may take time to translate into profits.
\"Those (AI) advancements and demand for related cloud services will take time to materialize. They're not likely to offset current headwinds in the enterprise market over the next few quarters,\" Lipsman said.
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大型科技股收益面临更多的热量云层消失了
收益从Amazon.com Inc .)和微软(msft . o:行情)——在一起主导云计算市场——显示业务的增长是在他们开始爆发以来最低度规,2015年有望进一步放缓。
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大型科技结果强化了激增的担忧云服务是宽松政策,限制一个利润丰厚的利润来源,当经济放缓已达到公司的其他业务,促使押注人工智能作为下一个增长动力。
收益亚马逊com . n:行情)和微软集团——一起主导云计算市场——显示业务的增长是在他们开始爆发以来最低度规,2015年有望进一步放缓。
字母公司,三个最小的云业务,说谷歌云增长32%,最慢增长自2019年公司开始报告测量。
穷人的结果反映了转向流行后节俭的企业客户的预算被压缩了在过去的一年里,高通货膨胀和利率上升。
“曾经被认为是最防守收入流的技术,我们看到投资者质疑(云)业务的周期性,”伯恩斯坦的分析师说。
云服务一直是微软和亚马逊的可靠的收入来源。
窗户制造商发布Azure云计算业务增长约50%的2020年日历每季度,当大流行迫使人们工作和学习在家里。与此同时,市场的领导者亚马逊网络服务(AWS)报告销售同期上涨约30%。
然而,时代已经改变了。
AWS的增长放缓至20%的纪录低点2022年最后三个月,至214亿美元,略低于分析师预估的220.3亿美元,根据Refinitiv数据。
微软在其所谓的智能云业务的收入,包括Azure胜于预期10月至12月上涨了18%。但其当季预测为217亿美元到220亿美元低于估计为221.4亿美元。
“AWS的减速比预期更糟,意味着亚马逊不能依赖,业务单位的营业利润在未来几个季度,”首席分析师Andrew利普说内幕情报。
亚马逊首席财务长Brian Olsavsky周四表示,公司预计云未来几个季度的增长速度放缓。呼应了微软,上周表示,Azure云计算业务的增长将放缓在3月季度4 - 5个基点。
“你刚来了两年的快速运动的工作负载到云,可能有很多低效率在云支出和现在有一个将重点转移到提高效率,”科德说,大西洋的分析师股票。
人工智能一线希望
潜在的病毒成功后的繁荣AI OpenAI ChatGPT可能再次提高对云服务的需求,分析师表示。人工智能应用程序需要大量的计算能力,有利于公司的服务帮助运行技术。
OpenAI作为投资者和合作伙伴,微软看起来泰然自若,分析师表示,但任何收益可能花时间转化为利润。
“那些(AI)进步和需求相关的云服务需要时间来实现。他们不可能在企业市场补偿电流的阻力在接下来的几个季度,”利普说。
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