Amazon Plunges 10% on Earnings Miss -- Is Amazon Stock a Buy Now?
Amazon (NASDAQ: AMZN) reported earnings on April 28 after closing bell, and shares are down over 10% on the news. The company reported a $7.6 billion loss from its investment in Rivian Automotive (NASDAQ: RIVN), an electric vehicle manufacturer. In addition, Amazon announced lighter-than-expected guidance and growth rates, the slowest since the dot-com bubble of the early 2000s.
On March 9, Amazon announced a 20-for-1 stock split, the company's first split since 1999 and its fourth since its IPO in 1997. The expected stock split date for Amazon shares is early June. The company's shares have rocketed over 4,000% since its last stock split announcement. Amazon's stock price soared to all-time highs after the pandemic, but it's been trading sideways to lower since. Do the shares have more pain ahead, or is Amazon stock a buy now?
In the video below, I break down Amazon earnings highlights. I also chart out Amazon's price-to-sales ratio and provide an opinion on where I think the stock price is headed from here.
Source Fool.com
