1 Stock Up 66% This Year That Is Still Worth Buying
Last year was difficult for Amazon (NASDAQ: AMZN) as the e-commerce giant succumbed to economic problems that sent its financial results, along with its share price, moving in the wrong direction. However, 2023 has been a different story. Amazon's stock is up by 66% since the year started, partly reflecting improved financial results -- and prospects.
Let's look into the tech giant's latest quarterly results, along with the broader picture that long-term investors should be considering, to see if the stock is a buy now.
Consumers decreased spending across the board in 2022, significantly impacting Amazon's retail operation. Businesses also reduced ad spending, so the company's ad revenue wasn't as high as it would have liked. For much of last year, Amazon's cloud business, Amazon Web Services (AWS), was doing a disproportionate amount of the heavy lifting on the top and bottom lines considering its smaller overall size compared to Amazon's other major segments.
Source Fool.com
