Tech giants promoting e-commerce and cloud services globally after the US stock market on Thursday, October 26 $Amazon (AMZN.US)$ The financial report for the third quarter of 2023 has been released.
Amazon's revenue and profit for the third quarter both exceeded expectations. Cloud business revenue increased slightly year over year, but it was far worse than rivals Microsoft and Google, and its revenue guidelines for the fourth quarter fell short of expectations. At one point after the market, it rose more than 5%, then declined during the earnings call.
The Amazon CEO then said that it is expected that the opportunities brought by generative artificial intelligence will bring “tens of tens of billions of dollars” in revenue to Amazon's AWS cloud service over the next few years, and its stock price will rise nearly 5% again after the market.
Amazon closed down 1.5% on Thursday. Since entering a downward channel last Monday, it has fallen nearly 10% and hit a five-month low, down 18% from the 52-week high of $145.86 hit on September 14, and entered a technical correction range.
However, Amazon has continued to rise by more than 42% so far this year, outperforming the S&P 500 market with a rise of nearly 8% and the Nasdaq's increase of more than 20% during the same period, making it one of the largest technology stocks with the biggest gains this year.
Of the 55 analysts tracked by the agency FactSet, 52 gave a “buy” rating, and 3 others suggested “hold”, and no one suggested selling. The average target price is $172.87, which means there is still room for 45% increase.
Amazon's Q3 revenue increased 13%, exceeding expectations, and profit was three times that of last year...