1 Magnificent Growth Stock Down 36% to Buy Right Now
Amazon (NASDAQ: AMZN) stock has seen some big swings over the last couple of years. Since the e-commerce and cloud-infrastructure services leader hit an all-time valuation high in July 2021, macroeconomic trends including high levels of inflation and rising interest rates spurred a dramatic pullback for the company's share price. Even after rallying 43% across 2023's trading, Amazon stock remains down roughly 36% from its peak.
With its online retail and cloud services businesses still looking strong and its digital ads unit evolving into a significant performance driver, the tech giant is worth investing in while it still trades at a significant discount compared to its previous high. And with the company likely on track to see powerful benefits from the rise of artificial intelligence (AI) technologies, Amazon has the makings of a growth stock that's worth holding for the ultra-long term.
Amazon's first-quarter results arrived with better-than-expected sales and earnings performance. The company showed that it can effectively manage costs amid the less favorable operating backdrop brought on by macroeconomic headwinds.
Source Fool.com
