AMZN Rockets Upward on Earnings Wins, Decent Outlook

Shares of Amazon (NASDAQ:AMZN) soared 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.

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