Earnings Beat: Amazon.com, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Amazon.com, Inc. (NASDAQ:AMZN) recently reported its first-quarter earnings, surpassing analyst forecasts with a revenue of $143 billion and earnings per share (EPS) of $0.98, which was 18% higher than expected. This led to a 3.1% increase in share price to $179.

Post-results, analysts have revised their 2024 revenue projections slightly to $639.2 billion and increased EPS estimates to $4.40, reflecting a more optimistic outlook on Amazon's earning potential. Despite these positive adjustments, the consensus price target remains unchanged at $215, suggesting that the improved EPS outlook has not significantly altered the long-term stock valuation.

Analysts note that Amazon’s revenue growth is expected to align with the industry average, projecting an 11% annual growth rate through 2024, compared to a historical 17% growth. This suggests that Amazon is expected to grow at a pace similar to its industry peers despite a forecasted slowdown.