TECH - What Makes Amazon Attractive Ahead of Q1 Earnings? | Benzinga
Seattle-based Amazon.com, Inc. (NASDAQ: AMZN), with a market capitalization of more than $1.8 trillion, is one of the most valuable companies worldwide. Amazon is the frontrunner in the e-commerce and cloud computing space. Jeff Bezos' company has also ventured into AI to propel its growth and boasts a prospering advertising business.
AMZN shares at first pulled back during the 2020 bear market, but since then, it has gained traction as consumers prefer shopping online. Amazon's shares scaled upward by 19.1% in the first three months of 2024, exceeding the Internet-Commerce industry's gain of 10.2%.
Image Source: Zacks Investment Research
Amazon extended its winning streak and hit an all-time closing high of 189.05 on Apr 11. However, its shares are now trading in a narrow range and have notched gains in two of the last 10 trading sessions since then. So, is there more upside left for this e-commerce behemoth? The consensus among market pundits is that Amazon's stock will keep gaining in the near term, banking on solid first-quarter earnings results, slated to be released on Apr 30, after market close.
Amazon is projected to report earnings per share of 81 cents in the first quarter of 2024, more than 31 cents a year ago, indicating a jump of 161.3%. Amazon is also estimated to register an 11.9% year-over-year revenue increase, to $142.5 billion.
In reality, Amazon has already delivered a trailing ...