tiprankstipranks
AMZN Slips Despite Earnings Wins, Decent Outlook
Market News

AMZN Slips Despite Earnings Wins, Decent Outlook

Shares of Amazon (NASDAQ:AMZN) slipped in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $0.31, which beat analysts’ consensus estimate of $0.21 per share. Sales increased by 9.5% year-over-year, with revenue hitting $127.4 billion. This beat analysts’ expectations of $124.55 billion.

Amazon reported increases throughout several of its reported segments. Its North American sales were up 11% as compared to the same time last year, reaching a total of $76.9 billion. Its international sales, meanwhile, notched up an extra 1%, hitting $29.1 billion. Furthermore, Amazon Web Services sales were up 16% against this time last year, reaching $21.4 billion.

Management also offered projections for the second quarter of 2023. Amazon looks for net sales between $127 billion and $133 billion, well in line with consensus figures looking for $130.34 billion.

Overall, Wall Street has a consensus price target of $135.50 on Amazon stock, implying 23.63% upside potential, as indicated by the graphic above.

Disclosure

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles