Amazon Stock Dipped before Earnings Report. What Is It Doing Now?

Amazon stock was down ahead of its Wednesday earnings report. Now that the numbers have come in, how is the company performing now?

Timothy St. John•Thursday, May 2, 2024•2 min read

In anticipation of Wednesday’s Amazon (AMZN) earning report, the company’s stock dipped as investors were worried that the online retail giant was not going to post positive results.

However, once the report came out, it was clear that Amazon is still doing very well. The company posted earnings of 98 cents per share for the quarter. The company is also growing its revenue, with $143.3 billion in sales, which is an increase of 13% from this time last year.

These numbers went above and beyond the expectations for Amazon, which placed earnings per share up 84 cents and total earnings for the quarter at $142.7 billion. This puts Amazon in a great place as a retailer and a publicly traded company. The stock price is up today by 2.35% and growing. We expect it to go even higher before the close of trading today.

If Nonfarm Payrolls numbers scheduled for tomorrow come in looking better than expected, then Amazon’s stock could go up even further.

Is It Too Late to Invest?

Amazon stock has done very well this year, starting off at $143 and growing to $183. If the company continues to perform similarly throughout the year, we should see a stock price boost for the next quarter and beyond. The company is poised to grow from here, with AI technology helping out its online retail side and make it easier for the company to automate some tasks so that it can save money and cut jobs, if necessary.

That should help its profit margins for next quarter, once its AI tech goes into effect. This is a company that moves from strength to strength and has shown great resilience even in economic downturns. They have become irreplaceable as an American institution, and even with inflation high, Amazon is likely to still grow from quarter to quarter regardless.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.