2023-04-21 05:05:00 ET
Warren Buffett's holdings company Berkshire Hathaway currently owns about 10.7 million shares in Amazon (NASDAQ: AMZN) , a 0.1% stake. The company makes an attractive investment with its positions in e-commerce, the cloud market, consumer robotics, grocery, and even space satellites strengthening its business through diversification.
However, macroeconomic headwinds in 2022 led to steep declines in Amazon's e-commerce segments and brought its stock down to a bargain price compared to its projected growth. Here's why this ridiculously cheap Warren Buffett stock could help make you richer.
In fiscal 2022, Amazon's North American and international segments reported $10.6 billion in operating losses, primarily driven by foreign exchange fluctuations and reductions in consumer spending. The company remained profitable thanks to its booming cloud business , which saw Amazon Web Services hit $22.8 billion in operating income. However, the declines in retail earnings still triggered a sell-off where Amazon's stock plunged 50% throughout 2022.
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This Ridiculously Cheap Warren Buffett Stock Could Help Make You Richer