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Amazon stock gains 5% before hours after posting biggest profit in pandemic

Amazon stock news

“(Reuters) – Amazon.com Inc on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic.

Shares of Amazon, the world’s largest online retailer, rose 5% in after-hours trade.

While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people in recent months and saw demand for its services soar. The company said revenue jumped 40% from a year earlier to $88.9 billion.

Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4 billion on protective equipment for staff and other expenses related to COVID-19. It did just that – and still earned $5.2 billion – double its net income from a year prior.

Jeff Bezos, who founded the company in July 1994 and is the world’s richest person, said in a statement, “This was another highly unusual quarter.”

Amazon’s shares have risen by more than 60% this year, adding to the wealth of Bezos, its biggest stockholder. The S&P 500 is virtually flat.

Jesse Cohen, senior analyst at Investing.com, said Amazon’s business model sets it up “to expand its e-commerce dominance even more broadly as the global COVID-19 pandemic continues to flare.”

Online store sales jumped 48% to $45.9 billion in the second quarter. Meanwhile, merchants paid Amazon more to fulfill and sponsor their products in order to reach the company’s loyal customers. That resulted in a 52% and 41% jump in seller services revenue and other revenue such as from ads, respectively.

Amazon’s cloud services also saw higher demand as companies switched to virtual offices in the pandemic. Revenue from Amazon Web Services (AWS), which sells data storage and computing power in the cloud, rose nearly 29% to $10.81 billion.”

Stock market data: https://finance.yahoo.com/news/amazon-posts-biggest-profit-ever-014804379.html

Amazon stock chart

Amazon stock chart
Amazon stock chart

Stock market data: Stocks charts


AMZN stock news for June 13, 2020

Amazon (AMZN) stock news

Amazon’s business practices examined by two U.S. states.

(Reuters) – State investigators in both California and Washington are examining Amazon (NASDAQ:AMZN)’s business practices, two newspapers reported, citing people familiar with the matter.

The inquiries focus at least in part on how Amazon treats sellers in its online marketplace, the Wall Street Journal and the New York Times (NYSE:NYT) reported on Friday.

Amazon declined to comment on the report of an investigation by California. It was not immediately available for comment outside regular market hours on the Washington review report.

The reports said California state is reviewing Amazon’s practices on selling its own products in competition with third-party vendors. Amazon said its in-house products only account for about 1% of its total annual retail sales.

Washington state is also investigating whether Amazon makes it harder for sellers to list their products on other websites, the NYT reported. The inquiries did not appear to be in advanced stages, the NYT report added, citing sources.”

Source: https://www.investing.com/news/stock-market-news/california-examines-amazons-business-practices-wsj-2200868

AMZN stock chart

On Friday, June 12, 2020, Amazon.com, Inc. (AMZN) stock price closed at
2,545.02-12.94 (-0.51%).

Amazon.com, Inc. (AMZN) stock chart
Amazon.com, Inc. (AMZN) stock chart

Stock market source: Stockscharts


Coronavirus stocks performance on June 5, 2020

Coronavirus stocks

There are a lot of arguments about coronavirus stocks and whether they are top stocks, best stocks for 2020, stocks to buy 2020, stocks to invest in 2020. But the coronavirus stocks are trending stocks. Two coronavirus stocks are Amazon stock and Zoom stock.

Amazon stock on June 5, 2020

Amazon.com, Inc. (AMZN) stock closed at 2,483.00+22.40 (+0.91%). AMZN stock has a 52-week range of 1,626.03 – 2,525.45. The PE Ratio (TTM) is 110.02.

Amazon.com, Inc. (AMZN) stock daily chart
Amazon.com, Inc. (AMZN) stock daily chart

Zoom stock on June 5, 2020

Zoom Video Communications, Inc. (ZM) stock closed at 207.60,-2.75 (-1.31%). Zoom stock has a 52-Week Range 0f 60.97 – 224.46. The PE Ratio (TTM) is 5,931.43.

Zoom Video Communications, Inc. (ZM) stock daily chart
Zoom Video Communications, Inc. (ZM) stock daily chart

Stock market source: Yahoo Finance, Stockscharts

Coronavirus stocks that are trending may be disconnected from their intrinsic value

Both Amazon stock and Zoom stock are coronavirus stocks, which have made a rally during this coronavirus crisis. But both have a P/E ratio much higher than the average P/E ratio of the broader stock market. Their stock prices seem very elevated compared to their intrinsic values, and caution is suggested before investing in stocks like these.


AMZN stock price gained over 2.5% this week

Amazon.com, Inc. (AMZN) stock

Amazon.com, Inc. (AMZN) stock closed at 1,900.10-55.39 (-2.83%) on Friday, March 27, 2020. AMZN stock for the week gained +2.93%.

AMZN stock daily chart
AMZN stock daily chart

AMZN stock news

Stock market data: MarketWatch, Stockscharts

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