2023-04-05 08:45:00 ET
While growth stocks have rallied a bit this year, they still have a ways to go to recover their earlier highs. The tech-heavy Nasdaq Composite remains down 14% over the past 12 months -- and some stocks are faring far worse. Consider Amazon (NASDAQ: AMZN) , for example. Shares of the once-mighty stock of the pandemic's early days are down 37% in the past 12 months.
But while Amazon faces near-term speed bumps, its long-term prospects look bright. Let's dig deeper to see why.
Amazon's fourth-quarter earnings highlight its current crop of challenges. While revenue grew by 9% to $149.2 billion, net income collapsed by a staggering 98% to just $278 million. The weakness was partly due to a $2.3 billion non-cash loss on Amazon's stake in floundering electric vehicle start-up Rivian Automotive .
For further details see:
A Bull Market Is Coming: 1 Magnificent Growth Stock Down 37% to Buy Before It Skyrockets