Amazon shares rose 0.73% over the past five trading sessions and are up 3.86% year-to-date. The company launched same-day grocery delivery and founder Jeff Bezos sold nearly 3 million shares for $665.8 million as part of a plan to sell up to 25 million shares through May 2026. Q2 results beat expectations with EPS of $1.68 and revenue of $167.7 billion; AWS and advertising revenues also topped forecasts. Q3 operating income guidance of $15.5 billion to $20.5 billion was weaker than analyst estimates. Multiple firms raised price targets after the earnings release. The stock rallied about 50.33% from its one-year low to an all-time high, then declined 8.51% from that peak.
When the company reported Q2 earnings on July 31, its financial performance was overshadowed by a bleak outlook, with guidance weaker than Wall Street's forecast. Amazon beat on earnings and revenue, with EPS coming in at $1.68 versus expectations of $1.33 and revenue of $167.7 billion versus expectations of $162.09 billion. Revenue from AWS was $30.87 billion versus expectations of $30.8 billion, while advertising revenue registered $15.7 billion versus expectations of $14.9 billion.
Amazon has performed well since the start of August, having recently announced it will begin offering customers same-day grocery delivery. In July, it was reported that AMZN founder Jeff Bezos sold nearly 3 million shares worth $665.8 million. The stock sale is part of a plan announced earlier this year that will see Bezos unload up to 25 million shares through May 2026.
Nonetheless, analysts remain bullish on the e-commerce and cloud services giant, with the stock receiving a series of price target adjustments in the lead-up to and wake of the company's Q2 earnings call. On Aug. 1, Bank of America raised its price target to $272 from $265, Barclays raised its price target to $275 from $240 and Piper Sandler raised its price target to $255 from $250.
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