Amazon's cloud business revenue has fallen short of expectations for the third consecutive quarter.

Amazon's cloud business growth in the first quarter has been lower than expected for the third consecutive quarter. Amazon Web Services revenue grew by 17% to $29.27 billion, while analysts surveyed by StreetAccount had expected it to be $29.42 billion. This growth rate is slightly slower than the 18.9% in the fourth quarter of last year. AWS is the world's largest cloud infrastructure provider, with its revenue accounting for about 19% of the parent company's total revenue. Its main competitor, Microsoft, exceeded market expectations with its first quarter growth and guidance for Azure cloud business announced on Wednesday. The third-ranked cloud computing provider, Google, reported slightly lower revenue than the market's general expectations last week.