The results feature sales from Prime Day, where sales surpassed both Black Friday and Cyber Monday combined. The company was expected to show more signs of growth after it spent over $800 million investing in faster delivery over the past few quarters. It’s revenue came in at $70 billion vs. $68.8 billion, according to analysts surveyed by Refinitiv.
Amazon’s stock had already fallen 11% over the past three months, but it remains one of the most loved stocks on Wall Street. All 48 analysts that cover the stock recommend buying it.
2. Healthy consumer?
We’ll get a read on the health of the consumer on Friday with October’s consumer sentiment data. Sentiment in the U.S. rose more than expected in September to 93.2, as consumers felt more confident about current and future economic conditions, according to data released by the University of Michigan. Economists polled by Dow Jones are expecting another jump in sentiment to a reading of 96.
3. Verizon earnings and 5G
Wireless carrier Verizon reports third-quarter earnings before the bell on Friday. Bank of America Merrill Lynch is forecasting earnings per share of $1.24, a 1.9% increase from the same quarter last year, on revenue of $32.646 billion, which is in line with last year’s third quarter revenue.
Investors will be looking for any signs on progress regarding 5G, which Verizon has started to trial in select markets. Half of the U.S. will be 5G accessible by 2020, Verizon CEO Hans Vestberg said in August.
“The company recently announced new 5G cities including New York and we will look for an update on the 5G network deployment and any new timeframe for material revenue/EBITDA benefits,” said Bank of America research analyst David Barden.
Shares of Verizon are up more than 8% in the last three months.