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- Tech Giants Are Sliding into a Correction: Amazon
Tech Giants Are Sliding into a Correction: Amazon
Amazon stocks lost 45% over the last twelve months. The company reported Q3 2022 revenues of $127.1, up by 15% year-on-year. Net profit was reported down by 9% year-on-year to $2.78 billion. The company is suffering from the uneasy external economic conditions.
Amazon Web Services (AWS) sector, that is responsible for cloud computing services and is a major driver for Amazon business, now delivered revenues of 20.5 billion, or is up by only 27% year-on-year. Users are moving to cheaper subscription plans amid uncertainty. So reported figures are the lowest in the last seven quarters. With this said it does not mean the company is suffering badly. AWS backlog of orders reached $104 billion at the end of Q3 2022. These long-term liabilities do not guarantee immediate conversion into revenues, as clients may not execute their obligations in full at the start. But AWS has a great chance to grow to $100 billion over the coming two years. AWS plays a huge role in amazon business as it is generating 100% of operational income at the moment.
Globally AMZN stocks may go down to $90 per
share, where it can meet even greater demand by investors.
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