Adam Selipsky, CEO of Amazon Web Services, speaks during the CERAWeek by S&P Global conference in Houston March 8, 2022.

Aaron M. Speaker | Bloomberg | Getty Images

Amazon’s cloud unit grew 36.5% year over year in the first quarter, slightly faster than analysts had been forecasting. But Amazon shares fell about 9% in after-hours trading as investors focused on the e-commerce giant’s $3.8 billion overall net loss.

Cloud business results point to lower but still buoyant demand for compute, storage and database services provided by remote server farms. Amazon Web Services’ revenue growth slowed from 39.5% in the fourth quarter. Meanwhile, AWS’ closest competitors, Microsoft’s Azure and Alphabet’s Google Cloud Platform, have maintained steady growth or slowed slightly.

Amazon said in its quarterly earnings release that AWS revenue totaled $18.44 billion for the quarter, ahead of the consensus of $18.27 billion among analysts polled by StreetAccount. That’s about 16%…

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