Amazon's outlook disappoints as customer budgets stay tight

Amazon Chief Financial Officer Brian Olsavsky told reporters that the company expects slower cloud growth rates for the next few quarters as it worked with customers to optimize costs.

Amazon Chief Financial Officer Brian Olsavsky said the company remains nervous about consumer spending and how people will prioritize budgets moving forward. 

Amazon.com Inc on Thursday said it may not make a profit in the current quarter as savings from layoffs fail to make up for the financial impact of consumers and cloud customers clamping down on spending.

And while Amazon's holiday revenue beat Wall Street's expectations, sales growth from its lucrative cloud-computing division slowed during the fourth quarter.