From Investor's Business Daily, April 29:
Amazon Beats Expectations, Reports Strong Cloud Growth. But Stock Slides
Amazon (AMZN) stock slipped late Wednesday after the tech giant reported first-quarter results that exceeded expectations, helped by strong cloud growth. The company's guidance for the current quarter was mixed.
Amazon said that it earned $2.78 per share for the March-ended quarter, up 74% from a year earlier. Helped by pre-tax gains from Amazon's Anthropic investment, the EPS beat the $1.63 per share that analysts polled by FactSet were forecasting. Sales increased 17% to $181.5 billion, compared to analyst estimates of $177.3 billion.
Amazon Web Services revenue increased 28% to $37.6 billion, compared to analyst expectations for 26.2% growth from the cloud business. Revenue grew 23.6% in the fourth-quarter and 20.2% in the third-quarter.
Investors have been closely watching AWS growth out of fear that Amazon is losing its market-leading cloud position to AI-driven gains by Microsoft (MSFT) and Google-parent Alphabet (GOOGL)....
....MUCH MORE
The stock is down $5.29 (-2.01%)
Among the other hyperscalers reporting today:
META is down $44.60 (-6.67%)
MSFT is down $10.07 (-2.37)
Google is up $19.60 (+5.64%)
Conference calls ongoing.
