Amazon stock is traded on the Nasdaq exchange under the symbol AMZN. Amazon is one of the largest and most successful companies in the world. It is a multinational technology, retail, and e-commerce company that offers a wide range of products and services.
Amazon Job Cuts
The most recent job cuts made by Amazon should increase its profitability.
Amazon will eliminate 9,000 jobs from its cloud computing, human resources, advertising, and Twitch livestreaming divisions, according to CEO Andy Jassy’s internal memo to staff last week. The earlier round, which led to the loss of more than 18,000 jobs, was followed by this one.
Given that Amazon Web Services was one of the business sectors targeted in the most recent round of job cuts, its profitability may specifically benefit.
Morgan Stanley Amazon Stock Is Top Pick
Brian Nowak, a Morgan Stanley analyst, reaffirmed Amazon as his top pick. His $150 price target implies a 53 percent upside. He predicted that job cuts would result in an increase of about 100 and 50 basis points in Amazon Web Services’ second-quarter and full-year 2023 earnings before interest and taxes, respectively. He predicted that the EBIT margin for 2024 would increase by about 75 basis points. The majority of the reductions, in his opinion, come from AWS/Advertising, which should protect AWS EBIT through near-term deceleration and improve long-term leverage.
Amazon Stock Is In an Uptrend Channel
Amazon stock has been trading in an uptrend channelUptrend and downtrend channel patterns are technical analysis tools used to identify potential future price movements. They are formed by two parallel lines on a chart and can be u... since January 2023. The stock is in a technical weak downtrend as bottom feeders enter a long position.
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