The big tech giant Amazon (AMZN) will release its Q2 2024 financial results on August 1. Analysts expect AMZN to report strong top and bottom-line numbers for the Q2 quarter. They expect earnings per share to come in at $1.03, up 58% from the year-ago quarter. Meanwhile, analysts expect revenues of $148.7 billion, reflecting an 11% year-over-year increase, according to TipRanks’ data.
AMZN’s Stock Price Performance
Amazon has been performing really well over the past few quarters. The company’s efforts to cut costs and streamline operations have been paying off. Also, its focus on the cloud segment, Amazon Web Services (AWS), has significantly boosted its bottom line.
This success is reflected in its share price, which has risen by about 37% over the past year and 21% year-to-date. (For a thorough assessment of the stock, go to TipRanks’ Stock Analysis page.)
If Amazon can sustain robust growth in its AWS segment without compromising margin growth, it may continue to report strong Q2 results, potentially driving its share price to new highs.
Website Traffic Trends
TipRanks’ Website Traffic Tool offers information on how a company’s website domain performed over a specific time frame.
For AMZN, TipRanks’ website traffic screener reveals that the traffic decreased sequentially but increased from the year-ago quarter in Q2. According to the tool, the number of visits to amazon.com decreased by 26.03% sequentially in Q2. The sequential decline in visits could be due to macroeconomic uncertainty and increasing competition from other players, such as Microsoft (MSFT) and Alphabet (GOOGL).
However, website traffic increased 20.19% year over year.
Options Traders Anticipate a Large Move
Using TipRanks’ Options tool, we can see what options traders are expecting from the stock immediately after its earnings report. The expected earnings move is determined by calculating the at-the-money straddle of the options closest to expiration after the earnings announcement. If this sounds complicated, don’t worry, the Options tool does this for you.
Indeed, it currently says that options traders are expecting a 7.40% move in either direction.
Is Amazon a Buy or Sell Right Now?
Wall Street is bullish on Amazon stock. Every analyst on Wall Street covering AMZN has given it a Buy recommendation, forming a Strong Buy consensus rating. The average AMZN stock price target among the 39 bullish analysts is $225.46 per share, suggesting an upside potential of 23%.
