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Amazon stock rockets 11%, on pace for best day since November after blowout quarter



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Andy Jassy, chief executive officer of Amazon.Com Inc., during the GeekWire Summit in Seattle, Washington, U.S., on Tuesday, Oct. 5, 2021.David Ryder | Bloomberg | Getty ImagesAmazon shares rallied 11% in afternoon trading Friday, a day after the company reported blowout second-quarter earnings and issued upbeat guidance.Shares of Amazon are on pace for their best day since Nov. 10, 2022, when the stock skyrocketed 12%.related investing newsThe e-retailer easily beat on the top line, reporting earnings of 65 cents per share versus a Refinitiv consensus estimate of 35 cents a share. Amazon notched its biggest profit beat since 2020, boosted by CEO Andy Jassy’s aggressive cost-cutting efforts.Revenue surged 11% year over year to $134.4 billion, better than the single-digit revenue expansion it had been mired in recently. Analysts had been expecting revenue of $131.5 billion. For the third quarter, Amazon said it expects sales of between $138 billion and $143 billion, topping consensus estimates of $138.25 billion, according to Refinitiv.Wall Street cheered the results, lauding the strong results for Amazon Web Services and improving retail margins.”Amazon fired on all cylinders: AWS finally stabilizing and now a coiled spring; Retail performance hanging in with weakened consumer; N. American retail margins are back to pre-pandemic levels and accelerating alongside compressing fulfillment windows — impressive; and aggregate operating profits are up and to the right,” said Bernstein analysts, who maintain an outperform rating on Amazon’s stock, in a Friday research note. “Was this a sneak peek of a Jassy-led growth era? Or was 2Q23 a peak unlikely to repeat? We’ll take the former thank you very mu …

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