In its first-quarter earnings announcement last week, Amazon (NASDAQ: AMZN) delivered a better-than-expected revenue number. The stock fell after the report came out, but then it rebounded. As of June 2, it has increased by 45% in 2023. Investors might be ready to consider adding shares to their portfolios, particularly given that it's still a dominant business with its fingers in multiple industries that are benefiting from powerful secular tailwinds.
So, is this FAANG stock a buy right now?
Amazon is well-known for its lead in e-commerce. According to Statista, it has a 38% share of online retail shopping in the U.S., well ahead of its closest rival, . And considering the huge advantage its logistics and distribution capabilities give it, it's difficult to see Amazon giving up the top spot any time soon.
Source Fool.com