Naeem Aslam
Zaye Capital Markets
Amazon's numbers
The earnings per share came in at 28 cents, the revenue produced by the company was 127.10 billion vs 127.46 billion. The web services revenue was 20.5 billion against the expectations of 21.11 billion and advertising revenue was 9.55 billion versus the expectations of 9.48 billion.
According to Amazon, it anticipates fourth-quarter revenue to be between $140 billion and $148 billion, up 2% to 8% from the same period last year. Analysts were anticipating sales to total $155.15 billion.
Although sales growth was back in the double digits in the third quarter with a 15% increase in revenue, Wall Street's expectations were not met.
Amazon has had a difficult year thus far, much like the rest of Big Tech, as it deals with macroeconomic challenges, skyrocketing inflation, and rising interest rates. These difficulties came at the same time as a downturn in Amazon's main retail business as customers started going back to physical stores to shop.
In terms of technical analysis, the stock is trading under the downward trend line and this means that bears are in control of the price. The 50-day SMA is about to drop below the 100-day SMA which is another sign that bears will pick up more steam and there could be more sell off in the store.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended content
Editors’ Picks
AUD/USD holds the bounce toward 0.6250 after China's Caixin Services PMI
AUD/USD sustains the rebound toward 0.6250 in the Asian session on Monday after China's Caixin Services PMI beat estimates with 52.2 in December. China's stimulus optimism and a subdued US Dollar offset increased bets for early RBA rate cuts, reviving the demand for the Aussie.
USD/JPY: Upside remains capped below 158.00 amid cautious mood
USD/JPY is consolidating the upside below 158.00 in Asian trading on Monday. The pair feels the heat from a cautious risk tone and a broadly subdued US Dollar but the divergent Fed-BoJ policy expectatations help keep it afloat in the Nonfarm Payrolls week.
Gold holds below $2,650 as traders await fresh catalysts
Gold price struggles to gain ground near $2,640 during the early Asian trading hours on Monday. The stronger US Dollar after the US ISM Manufacturing Purchasing Managers Index weighs on the yellow metal.
Week ahead: US NFP to test the markets, Eurozone CPI data also in focus
King Dollar flexes its muscles ahead of Friday’s NFP. Eurozone flash CPI numbers awaited as euro bleeds. Canada’s jobs data to impact bets of a January BoC cut. Australia’s CPI and Japan’s wages also on tap.
Week ahead – US NFP to test the markets, Eurozone CPI data also in focus
King Dollar flexes its muscles ahead of Friday’s NFP. Eurozone flash CPI numbers awaited as euro bleeds. Canada’s jobs data to impact bets of a January BoC cut. Australia’s CPI and Japan’s wages also on tap.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.