Amazon's Stock Is Up 60% in 2023, but It's Just Getting Started
Amazon (NASDAQ: AMZN) stock has had a fantastic 2023, up nearly 65% so far this year. However, that comes after a terrible 2022 during which the stock lost 50% of its value. Even after the recent rebound, Amazon shares remain 16% below where they ended 2021 -- and 25% below their all-time high set in mid-2021.
I would argue that Amazon is just getting started -- and its third-quarter results provide good evidence. As such, the stock still looks like an outstanding buy with upside much higher than its previous all-time high. Here's why.
While Amazon is best known for its e-commerce business, that's not the reason to invest in it. Although that business is the most prominent and largest part of Amazon, it has posted poor growth for multiple quarters in a row. Last quarter was no exception as e-commerce revenue grew 7% year over year -- and that was the fastest growth rate since Q3 2022.
Source Fool.com
