Last year was marred by spikes in inflation and interest rates, triggering a stock market sell-off for countless companies. Amazon (NASDAQ: AMZN) was one of the hardest hit, with its share price plunging 50% throughout 2022 as reductions in consumer spending proved detrimental to its retail profits.

However, the company made an impressive turnaround in 2023, bringing its e-commerce business back to profitability and rallying investors with an expanding position in artificial intelligence (AI). As a result, its stock has climbed more than 50% year to date.

Amazon posted its third quarter of 2023 earnings on Oct. 26, beating analyst expectations and delivering another boost to retail profits. The tech giant is on a promising growth trajectory, and it could be worth considering an investment in its stock right now.

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Source Fool.com