Amazon's cloud revenue missed expectations for the third consecutive quarter

Amazon's cloud business grew at a slower-than-expected pace in Quarter 1 for the third straight quarter. Amazon Web Service (AWS) revenue rose 17% to $29.27 billion, compared with $29.42 billion expected by analysts polled by StreetAccount. Growth slowed from 18.9% in the fourth quarter of last year. AWS is the world's largest cloud infrastructure provider, accounting for about 19% of the parent company's total revenue. Its biggest competitor, Microsoft, on Wednesday reported growth and guidance for its Azure cloud business in Quarter 1, beating market expectations. Google, the third-ranked cloud computing provider, reported revenue last week that fell slightly short of consensus expectations.