Amazon stock increases by about 12% as revenue exceeds estimates

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Last Updated on July 29, 2022 by Bitfinsider

Amazon (AMZN) released its financial results after the market closed on Thursday, exceeding analysts’ revenue projections but posting a $2 billion net loss. After-hours trading saw a 12 percent increase in the stock.

The e-commerce behemoth also provided better-than-anticipated projections for the upcoming quarter, which ranges from $125 to $130 billion instead of $126.5 billion.

Amazon cites its investment in Rivian (RIVN), an electric vehicle manufacturer, whose shares have dropped by nearly 68 percent so far this year.

The fact that Amazon’s cloud business is growing year over year is excellent news for the company’s future. However, the cloud market in which Amazon competes is changing; earlier this week, Microsoft (MSFT) reported a 40% year-over-year increase in revenue for its Azure cloud computing service.

The medium-term expansion of AWS may also be threatened by concerns about a recession. For instance, James Lee and Wei Fang, analysts at Mizuho Securities, are concerned that corporate expenditure on cloud services would drop in the near future due to recession fears. This change could have a negative impact on AWS.

The economy shrank for the second consecutive quarter in Q2, according to figures released by the Commerce Department on Thursday, raising concerns about a potential recession.

Overall, it’s a risky period for technology, and earnings season has just served to confirm that. Meta Platforms (META), a company owned by Facebook, revealed its first-ever year-over-year revenue decline on Wednesday. Earlier this week, Alphabet (GOOG, GOOGL), the parent company of Google, and Microsoft (MSFT), also posted earnings that fell short of Wall Street estimates. This round of earnings season has been particularly difficult for the tech industry, despite the fact that both Microsoft and Google in particular have some positive aspects.

Amazon has been going through a significant internal transformation in the midst of the tech crash. The long-serving consumer chief Dave Clark recently resigned to join logistics startup Flexport, while Jassy took over the CEO position only a year ago.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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