Amazon stock dips as uncertain cloud outlook overshadows revenue beat
Publishing timestamp: 2023-04-27 19:42:44
Summary
Amazon reported better-than-expected revenue for Q1, but concerns over ongoing weakness in cloud growth caused the stock's initial pop to be wiped out. While Amazon's advertising unit continues to grow, the company is still dependent on AWS for its profitability, and finance chief Brian Olsavsky warned that clients are tightening their belts. Amazon is also laying off employees and has been cutting costs as it grapples with slowing sales in its online shopping and cloud-computing divisions. Despite the revenue beat, Amazon remains mired in single-digit sales growth and its Q2 forecast suggests sales will rise between 5% and 10% from the same period last year.
Sentiment: MIXED
Tickers: GOOGL, MSFT, META, AMZN, AAPL,
Keywords: breaking news: earnings, breaking news: technology, apple inc, jeff bezos, meta platforms inc, business news, alphabet inc, technology, internet, microsoft corp, earnings, amazon.com inc,
Source: https://www.cnbc.com/2023/04/27/amazon-amzn-q1-earnings-report-2023.html