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

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According to Mars Finance, Amazon's cloud business growth rate in the first quarter has fallen short of expectations for the third consecutive quarter. Amazon Web Services (AWS) revenue rose 17% to $29.27 billion, while analysts surveyed by StreetAccount had expected $29.42 billion. The growth rate has slowed compared to 18.9% in the fourth quarter of last year. AWS is the largest cloud infrastructure provider globally, accounting for about 19% of its parent company's total revenue. Its largest competitor, Microsoft, announced Wednesday that its Azure cloud business growth and guidance for the first quarter exceeded market expectations. The third-largest cloud computing provider, Google, reported slightly lower revenue than the market's general expectations last week.

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