Amazon reported better-than-expected revenue on Thursday, but the stock’s initial pop was wiped out after executives raised concerns of ongoing weakness in cloud growth.Here are the key numbers:Earnings: 31 cents per shareRevenue: $127.4 billion vs. $124.5 billion expected, according to analysts surveyed by Refinitivrelated investing newsIt’s not immediately clear if the reported earnings are comparable to the Refinitiv analyst estimate of 21 cents per share.Here’s how other key Amazon segments did during the quarter:Amazon Web Services: $21.3 billion vs. $21.22 billion expected, according to StreetAccountAdvertising: $9.5 billion vs. $9.1 billion expected, according to StreetAccountSales at AWS rose about 16% in the first quarter to $21.35 billion, above the $21.22 billion projected by Wall Street. Still, that marks a deceleration from the previous quarter, when AWS grew 20%.Companies have been trimming their cloud spend in recent months amid a challenging economic environment, and finance chief Brian Olsavsky warned on the call after the report that clients keep tightening their belts.”As expected, customers continue to evaluate ways to optimize their cloud spending in response to these tough economic conditions in the first quarter,” Olsavsky said. “We are seeing these optimizations continue into the second quarter with April revenue growth rates about 500 basis points lower than what we saw in Q1.”The shares initially jumped as high as 10% after Amazon said revenue rose 9% from $116.4 billion a year earlier, topping estimates. Even with the revenue …
