- As previously detailed beforehand, Amazon's 1st quarter would be the worst in its history. Sure enough, it was, and the stock plunged 16% the following day.
- While revenue came in as expected, the market was spooked by lower operating income, margins and tepid guidance.
- Ugly (and misunderstood) headlines exasperated the selloff through May, such as the mark-to-market $7.6B "loss" on Rivian and gossip of warehouse closures and overstaffing.
- However, when you cut through this noise and dig into the numbers, you realize Amazon was and still is the best deal in big tech, especially in an inflationary environment.
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