Amazon shares jump on earnings surprise

Amazon.com, Inc. is an American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence.

It has been referred to as “one of the most influential economic and cultural forces in the world”, and the world’s most valuable brand. It is one of the Big Five American information technology companies, alongside Google, Apple, Meta, and Microsoft.

Amazon.com (AMZN) – Amazon reported adjusted quarterly earnings of $5.80 per share, well above the $3.57 consensus estimate. Revenue was slightly below forecasts, but Amazon was helped by cost controls and strong performances in its cloud computing and ad businesses. Amazon also announced a $20 per year increase in membership fees for its Prime program to $139 per year, and the shares surged 11.8% in premarket trading.

Amazon has made the biggest premarket moves that shocked everyone as show below.

Amazon shares jump on earnings surprise
Amazon shares jump on earnings surprise

Jeff Bezos founded Amazon from his garage in Bellevue, Washington, on July 5, 1994. Initially an online marketplace for books, it has expanded into a multitude of product categories: a strategy that has earned it the moniker The Everything Store.

It has multiple subsidiaries including Amazon Web Services, Zoox, Kuiper Systems, Amazon Lab126. Its other subsidiaries include Ring, Twitch, IMDb, and Whole Foods Market. Its acquisition of Whole Foods in August 2017 for US$13.4 billion substantially increased its footprint as a physical retailer. Amazon has earned a reputation as a disruptor of well-established industries through technological innovation and mass scale.

Everybody is now asking if they should buy and hold for LONG…