Amazon Stock Sinks. But This Part of the Business Could Help Shares Fly Again.
Shares in the tech giant fell 8.7% in premarket trading to $2,640.95, with Amazon (ticker: AMZN) on track to move into a bear market — down more than 20% this year.
Operating income at Amazon was $3.7 billion for the quarter, near the bottom of the company’s target range of $3 billion to $6 billion and far below the $5.3 billion expected
Wall Street latched on to Amazon’s outlook as representing the difficulties ahead.
The company is projecting operating income of between a $1 billion loss and $3 billion profit in the second quarter on sales in the range of $116 billion to $121 billion.
“While Amazon’s outlook is somewhat gloomy, it is important to remember other parts of its business are firing on all cylinders,
Revenue in Amazon’s advertising business — which the company first disclosed in its last quarterly earnings, revealing it was bigger than YouTube — climbed 23% year over year to $7.9 billion.
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