Could strong earnings see Amazon share price breach $3500?
Fiona Cincotta April 28, 2021 4:23 PM
Amazon will report on 29th April after the close. The share price has been range bound over the past 6 months. Could strong earnings be the catalyst for a break out?
Amazon is due to report Q1 earnings on Thursday 29th April, after the closing bell.
Expectations are for EPS of $9.54 on revenue of $104.6 billion.
Continued strength in the e-commerce department is almost a given. Online store revenue is expected to surge 41% YoY. Subscriptions revenue is expected to jump 32% YoY.
Whilst the retail division is the most prominent arm, numbers at the rapidly growing Amazon Web Services division will also be closely eyed with 29% revenue growth forecast.
Despite high expectations the share price has barely moved over the past 6 months as the business struggled to expand its delivery, faces large covid costs, amid nerves surrounding Jeff Bezos shifting roles and now concerns over how reopening could impact shopping habits.
The stock has been range bound between $3000 - $3500 over the past 6 months. A move over $3500 is needed for further gains.
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