This year has been characterized by the strong performances of some of the biggest tech names. Among them, Amazon (NASDAQ: AMZN) has done a nice job of rewarding shareholders, as the stock is up a whopping 70% in 2023 (as of Nov. 15). Investors are warming up to the tech titan.

But even with the incredible bull run underway, Amazon shares are still down 23% off their all-time high, which was set in July 2021. Now might be the perfect time to buy this growth stock on the dip. Let's take a closer look.

Since reporting its third quarter (ended Sept. 30) financial results on Oct. 26, Amazon's stock has climbed 20%. That's because revenue of $143.1 billion and diluted earnings per share of $0.94 both exceeded Wall Street estimates. In fact, Amazon's year-over-year sales gain of 13% was the fastest growth rate in four quarters, a potential sign that business is picking up. Investors will want to watch how the key holiday shopping season impacts the company's financials in the current quarter.

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Source Fool.com