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Amazon stock hit hardest after tech earnings bonanza, despite misses by Apple and Alphabet



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Andrew Ross Sorkin speaks with Amazon CEO Andy Jassy during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City.Michael M. Santiago | Getty ImagesShares of Amazon fell as much as 4% on Friday, a day after the e-retailer posted soft growth in its retail and cloud computing businesses and gave downbeat guidance.Its stock was hit harder than peers Apple and Alphabet, which also reported on Thursday evening. Shares of Apple were trading up about 4% on Friday morning, while Alphabet was down about 1%. Both of those companies missed on the top and bottom lines.related investing newsAmazon’s fourth-quarter revenue increased 9% to $149.2 billion, topping analysts’ expected $145.4 billion. But the revenue beat was overshadowed by another quarter of slowing growth in Amazon’s core retail business and in Amazon Web Services, which have been dented by the challenging economic environment.Amazon said it expects revenue of between $121 billion and $126 billion in the current quarter. Analysts had been expecting $125 billion.”Consumers sound cautious and the Cloud deceleration cadence appears to be landing in the ‘mid-teens’ for [the first quarter],” analysts at Piper Sandler, which have an overweight rating on Amazon shares, wrote in a note Friday.”Above all, management comments suggest AMZN is still navigating a difficult stretch,” the analysts added.Despite the near-ter …

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