Company / Analytics

Analytics, 29 October 2021

Big Tech, Amazon Earnings & Outlook

Big tech companies reported third-quarter earnings this week. Compared to the financial sector (big bank, major tech companies reported earnings and revenues that missed expectations.

For instance, Amazon reported weaker-than-expected results for the third quarter, including earnings drop of nearly 50%, and delivered disappointing guidance for the critical holiday period, leading its shares to drop more than 4% in extended trading on Thursday. Meanwhile, Apple missed revenue expectations for the first time since late 2018, due to slower-than-expected sales of iPhones and wearables. The dismal results are attributed to supply chain disruptions and semiconductor shortages.

Amazon Earnings

Amazon shares dropped more than 4% in extended trading on Thursday after the company reported weaker-than-expected results for the third quarter and delivered disappointing guidance for the critical holiday period.

How did Amazon stock perform?

Amazon shares dropped more than 4% in extended trading on Thursday following the release of the results. The stock was trading at $3,349.85 at the time of writing – mid-day on Friday.

Should I buy Amazon shares?

The current consensus among 52 polled investment analysts is to buy stock in Amazon.com Inc. The 44 analysts offering 12-month price forecasts for Amazon.com Inc have a median target of 4,010.00, with a high estimate of 5,000.00 and a low estimate of 3,775.00. The median estimate represents a +19.70% increase from the last price of 3,350.18.

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