E-commerce and cloud computing giant Amazon (NASDAQ:AMZN) reported stellar results for the first quarter of 2024, reinforcing analysts’ bullish stance on the company’s growth potential. AMZN stock has risen nearly 23% year-to-date, and analysts expect continued upside, driven by multiple catalysts, including the prospects for its cloud computing unit Amazon Web Services (AWS) in the artificial intelligence (AI) space.
AMZN’s Impressive Q1 Results
Amazon’s net sales grew 13% to $143.3 billion, while earnings per share (EPS) jumped to $0.98 from $0.31 in the prior-year quarter. Aside from solid top-line growth, the company’s streamlining and cost reduction measures drove the earnings higher.
Moreover, AWS sales growth accelerated to 17% from 13% in Q4 2023. The improvement reflected the easing of spending optimization by enterprises. Additionally, the cloud business is gaining from generative AI-led demand….
