Amazon Stock Just Made a Drastic Shift after Earnings Report

Amazon (AMZN) stock started climbing immediately after its first quarter earnings report came in on Wednesday. The retailer saw its stock jump by about 3% as a result.

Amazon is one of the big technology stocks that has performed very well this year and has proven resilient in the face of rising inflation and a tough economy. The company’s news that it would be using AI technology in its business helped to spur interest recently, and the company posted a positive earnings report as well that should keep its stock price high moving forward.

Amazon showed an increase of 13% in revenue for the quarter compared to last year’s Q1 results. They brought in $143 billion, which exceeded the analysts’ expectations of $142.6 billion.

Amazon has been pushing its web services, which the company says is going to generate about $100 billion in revenue on its own. Amazon Web Services offers cloud computing solutions for businesses that they pay for as they use it.

Amazon’s Outlook for 2024

The remainder of the year is already looking good for the online retailer. They have been expanding their services to offer their technology to businesses all over the world, and they are using AI technology to power some of their offerings.

Amazon has stayed ahead of expectations and has a good outlook for the year, which is absolutely necessary in their tight economic environment. Thanks to soft nonfarm payrolls numbers, inflation may be starting to diminish, and the Federal Reserve could cut interest rates in the near future. If that happens, then Amazon is likely to profit even more. As good as the company does in this high inflation economy, it does even better when the economy is healthy.

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.

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