Amazon Stock: 1 Simple Reason to Buy and Hold 'Forever'

Amazon (NASDAQ: AMZN) released stellar earnings for the second quarter of 2023, stunning many on Wall Street and Main Street. The stock jumped 10% in after-hours trading and maintained the gains the next day. Total revenue grew 11% year over year (YOY) to $134 billion on the back of strong gains in third-party sales and advertising. Operating income ($7.7 billion) and operating cash flow ($16.5 billion) also improved significantly. Amazon proves yet again that the company is built to thrive even in a challenging economy, and we really shouldn't be surprised.

It wasn't long ago that some claimed Amazon's best days were over. But, as I pointed out here, the company's transformation from an online retailer to a diversified services company meant that investors should look beyond short-term headwinds and use the downturn as an opportunity. The gains since have been spectacular, as shown below.