E-commerce and cloud computing pioneer Amazon (NASDAQ: AMZN) published a wonderful second-quarter 2023 financial update. The North American retail business flipped to an operating profit versus a year ago, and international operating losses narrowed. However, AWS (Amazon Web Services) -- the longtime cloud computing cash cow of the overall Amazon machine -- reported a big drop in profit margins. 

CEO Andy Jassy has been signaling that there would be a near-term weakness for the cloud, but there's also disruption going on from a slew of competitors. Jassy thinks the AWS slump is temporary, though, and it may be more of a bruise than a deep wound. Here's why I'm buying more Amazon stock right now. 

After years of rapid growth and high operating profit margins, AWS has been reporting a margin haircut in 2023.

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Source Fool.com