Technology
What Analysts Are Saying About Amazon After Earnings
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Amazon.com Inc. (NASDAQ: AMZN) absolutely blew past expectations and blew away investors and analysts alike with its most recent earnings report highlighting a strong AWS operating result. As a result of these incredible earnings, analysts cascaded into this stock. 24/7 Wall St. has taken some of the major highlights from the earnings report and combined it with what all these analysts are saying about where Amazon stands to go from here.
The company said it had $1.07 in earnings per share (EPS) on $29.13 billion in revenue, versus Thomson Reuters consensus estimates that called for $0.58 in EPS on revenue of $27.98 billion. In the same period from last year, Amazon posted a net loss of $0.12 per share on $22.72 billion in revenue.
As for its business segments, Amazon reported:
Jeff Bezos, founder and CEO of Amazon, commented on earnings:
Amazon devices are the top selling products on Amazon, and customers purchased more than twice as many Fire tablets than first quarter last year. Earlier this week, the $39 Fire TV Stick became the first product ever — from any manufacturer — to pass 100,000 customer reviews, including over 62,000 5 star reviews, also more than any other product ever sold on Amazon. Echo too is off to an incredible start, and we can’t yet manage to keep it in stock despite all efforts. We’re building premium products at non-premium prices, and we’re thrilled so many customers are responding to our approach.
Analysts absolutely poured into Amazon after the earnings news hit the tape:
Shares of Amazon closed at $659.59 on Friday, with a consensus analyst price target of $740.49 and a 52-week trading range of $414.55 to $696.44.
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