- Amazon hit a $3 trillion market cap for the first time after shares surged 4% on Monday.
- Q2 earnings surpassed expectations with EPS of $1.97 and revenue of $200.61 billion.
- CEO Andy Jassy noted rising capex linked to AI memory prices, while AWS revenue drives momentum.
- Jim Cramer called the results “astonishing” and reiterated a buy recommendation.
- Multiple Wall Street firms, including Wells Fargo and Maxim Group, raised price targets for AMZN.
Amazon (AMZN) opened the trading week eclipsing a $3 trillion market cap for the first time in its history, as shares climbed 4%. Monday’s new record is the best day for the stock since May 5, following the company’s Q2 earnings report last week.
Amazon reported adjusted earnings per share of $1.97 versus estimates of $1.82, and revenue of $200.61 billion beat the $196.47 billion analysts expected. The Q2 print also saw the company hike its capex estimate as memory prices linked to the AI buildout have continued to rise, CEO Andy Jassy told investors on the conference call.
Consequently, Amazon stock is now up 17% YTD, picking up steam after shares fell throughout June. Wall Street was closely watching cloud growth and AI infrastructure spending, and AWS’ stellar revenue is driving the momentum to a two-month high.
In response to the earnings, CNBC analyst Jim Cramer called the results “astonishing” in a post on X. He has previously issued bullish forecasts for the stock, and now sees further run for AMZN.
Meanwhile, many Wall Street firms reiterated buy ratings for AMZN after the earnings. Wells Fargo, Citi, and Wedbush all reaffirmed buy ratings on Friday. Maxim Group also hiked its stock target, as Senior Consumer Internet Analyst Tom Forte reiterated his buy rating and urged institutional clients to start taking entry positions in the e-commerce giant.
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