Amazon projects quarterly revenue below estimates

:Amazon.com forecast current-quarter revenue largely below Wall Street estimates on Thursday, signaling tepid demand for its cloud computing services as businesses keep a tight lid on costs against an uncertain economic backdrop.
Shares of the Seattle-based company fell more than 6 per cent in extended trading.
Sticky inflation and high borrowing costs are prompting companies to reconsider any lavish investments into artificial intelligence technology, holding back cloud providers from matching Wall Street’s lofty expectations.
Amazon’s cloud business, Amazon Web Services (AWS), reported a 19 per cent increase in revenue to $26.3 billion for the second quarter, surpassing market estimates of $25.95 billion.
The company expects revenue of $154.0 billion to $158.5 billion for the third quarter, compared with analysts’ average estimate of $158.24 billion, according to LSEG data.