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That doesn't come close to telling the whole story either though. Namely two things:

1. All of Amazon's profit last quarter, and then some, came from AWS. Declining revenue growth in that segment could have an outsized effect on earnings/losses.

2. Amazon's PE ratio is still an eye watering 90+ much of which is predicated on continued (perhaps even accelerating) growth. Unless they pull a rabbit out of their hat with new sources of income or cost improvements, the market cap of the company is going to continue to depend a decent amount on growth within AWS or that PE is going to look more and more detached from reality.

That title is better for understanding, but is not better for CNBC.

Both titles are incomplete. It's useful to know that AWS is still growing whole integer percentages and that those percentages seem weaker than normal.

Titles about second and higher derivatives rarely feel complete or accurate.

Massive jerk in Amazon's cloud business as revenue growth rapidly decelerates! Is this the revenue jounce competitors have been waiting for? (/s)

Ready for sensational headlines about the concerning reduction of the deceleration of AWS' decrease in YoY growth. Will they ever be able to turn this ship around?