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Amazon (AMZN) stock is trading sharply higher today after reporting better-than-expected earnings for the September quarter, even as Apple (AAPL) is in the red, despite beating consensus estimates and pointing to strong early demand for its iPhone 16. The two “Magnificent 7” peers stepped into the confessional on the heels of Thursday's broad-based tech sell-off following tepid earnings from Microsoft (META) and Meta Platforms (META).
As we noted in the pre-earnings analysis, Apple’s rich valuations left little room for error, and while the earnings were good per se, they were not enough to trigger a rally. Amazon, on the other hand, is eyeing record highs, despite guiding below Street estimates for the fourth consecutive quarter. So, is it too late to buy Amazon stock after the post-earnings pop? We’ll discuss in this article, beginning with an overview of its Q3 performance.
