Amazon Stock: Delivering Strength As We Enter 2024 (NASDAQ:AMZN) seekingalpha.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from seekingalpha.com Daily Mail and Mail on Sunday newspapers.
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Amazon reported adjusted earnings per share of $14.09 on $125.5 billion in revenue. Both numbers exceeded consensus analyst expectations of $7.23 and $119.7 billion, respectively. Revenue was up 43.5% from a year ago.
Despite the top- and bottom-line beats, the quarter wasn’t all positive for Amazon. Cloud computing revenue was up just 28% to $12.7 billion, missing analyst estimates of $12.8 billion. Physical retail sales, which include Whole Foods, dropped 8% on the quarter.
In addition, co-founder Jeff Bezos announced he is stepping down from his role as CEO and will be replaced by Amazon Web Services CEO Andy Jassy in the third quarter of 2021. Bezos will maintain his position as executive chairman.