Amazon's Premarket Power-Up: Why Stock Is On Track To Hit Year's High
Portfolio Pulse from Shanthi Rexaline
Amazon, Inc. (NASDAQ:AMZN) shares rose 8.99% in premarket trading after reporting a solid Q2 beat. The company reported net sales of $134.4 billion, up 11% YoY, with North American sales rising 11% and international sales growing by 10%. AWS cloud computing business saw a sales growth of 12%. For Q3, Amazon expects net sales of $138 billion to $143 billion, up 9%-13% YoY. Wedbush analyst Daniel Ives and Telsey Advisory Group analyst Joseph Feldman praised the company's strong results.
August 04, 2023 | 2:59 pm
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POSITIVE IMPACT
Amazon's strong Q2 results and positive Q3 outlook could drive its stock price up in the short term.
Amazon's Q2 results exceeded consensus estimates, with significant growth in net sales and AWS sales. The company's positive Q3 outlook, along with positive comments from analysts, could drive investor sentiment and push the stock price up.
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IMPORTANCE 90
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