Amazon can’t catch a break. “Amazon has been terrible,” the worst of the Magnificent Seven stocks this year, CNBC’s Jim Cramer said on ” Squawk on the Street .” While modestly higher Monday, Amazon was back down around its post-earnings lows of early August, which were driven by concerns about Amazon Web Services cloud growth. Shares have declined more than 2% year to year. Cramer’s comments came on the back of Monday’s major AWS outage, which disrupted access to several major websites. The issue has been largely resolved, with most affected sites now back online. While the outage grabbed the headlines, it also reminded investors of the broader concerns about AWS and how Microsoft ‘s Azure and Alphabet ‘s Google Cloud grew faster recently. In its most recent quarter, AWS revenue rose 17.5% year over year, trailing Azure’s 39% gain and Google Cloud’s 32% advance. That has fueled the narrative that Amazon’s cloud dominance is slipping — a perception the company is eager to change, given AWS remains the profit engine of its sprawling business. Still, Cramer said he is “in favor of Amazon Web Services,” adding its growth rate should “go from 18% to 19% to 21%, 22%.” Though, he did acknowledge that Monday’s outage may get in the way of that growth story. However, Cramer said, “If Amazon stock snaps back today it may be a sign that the long, horrible slide could be running to its conclusion.”
