Amazon (NASDAQ: AMZN) has been working for years to build out its e-commerce operation, spending extravagantly and plowing money into its logistics network and delivery operations. Even when those ventures weren't profitable, Amazon could always fall back on its industry-leading cloud computing business, Amazon Web Services (AWS).

AWS was growing quickly and generating juicy margins in the process, with profits that subsidized the rest of the business. When Amazon reported its results on Thursday after the bell, however, AWS grew at its slowest pace ever, leaving investors to wonder what's next for the tech giant. 

The big story of 2022 has been the macroeconomic uncertainty and the "is-it-or-isn't-it" a recession. Those challenges were in full view in Amazon's financial performance. Revenue of $127 billion grew 15% year over year. If not for foreign-currency headwinds, net sales would have increased by 19%.

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Source Fool.com