Amazon Stock Slides As Consumer Concerns Overshadow AI
Amazon (AMZN) stock is on pace for its worst trading day so far this year, as investors digest the tech giant's second quarter earnings report. Despite a strong performance from its cloud business and better-than-expected earnings, Amazon missed overall revenue projections. While Amazon Web Services is seeing strong demand from enterprises for AI related cloud-computing, company officials told analysts that consumers are treading cautiously. That will likely bring more scrutiny to Amazon's sprawling retail operations. Weaker consumer spending could challenge gains that Amazon has made in overall profitability, particularly as...
Source: The Alliance for Citizen Engagement
Published on August 2nd, 2024
