04 Aug Amazon jumps after biggest profit beat since 2020. How to play it
Posted at 20:54h
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Insights
by Editor
Market Movers rounded up the best reactions to Amazon from investors and analysts. The pros discussed the e-commerce giant after second-quarter revenue and earnings both topped analysts’ estimates. Amazon stock jumped 8.3% Friday. After the closing bell Thursday, Amazon reported earnings of 65 cents per share and revenue of $134.4 billion . Refinitiv’s estimates called for 35 cents per share and $131.5 billion in revenue. The Seattle-based company’s profit beat was its largest since the fourth quarter of 2020. Amazon’s AWS cloud revenue surged 12% to $22.1 billion and advertising revenue also beat expectations, coming in at $10.7 billion. CEO Andy Jassy claimed Amazon had its “biggest ever” Prime Day sales event with online spending hitting $12.7 billion over the 48-hour period. In reaction, investment firm Rosenblatt upgraded its rating opinion on the stock to buy from neutral. Amazon is currently held in Jim Cramer ‘s Charitable Trust Portfolio.
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