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Amazon Web Services Revenue

Amazon Web Services Revenue

Plus, Intel showcases AI momentum.

Photo by Christian Wiediger on Unsplash

Today is Friday, October 27, 2023.

The Early Bird Index today is 50.85.

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Amazon Web Services Revenue

Amazon (Nasdaq: AMZN) reported financial earnings on Thursday, with the stock jumping 5.36% in after-hours trading.

Financials: Amazon reported earnings of 94 cents per share in the past quarter and revenue of $143.1 billion; both were better than expected.

Cloudy: All eyes were on the results for the company’s cloud business AWS (Amazon Web Services). Revenue for AWS increased 12% to $23.1 billion, which was lower than anticipated.

Yes, But: Amazon still increased overall revenue, operating income, net income, operating cash flow, and free cash flow during the quarter.

Stock Price: Shares of Amazon are up 39% this year, but down 5% in the last 30 days.

Final Thoughts: The revenue for AWS was lighter than expected, but overall these results were positive for Amazon.

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Notables

Notable Earnings Today: Exxon Mobil (NYSE: XOM), AbbVie (NYSE: ABBV), Colgate-Palmolive (NYSE: CL), Sanofi (Nasdasq: SNY), Stanley Black & Decker (NYSE: SWK), Phillips 66 (NYSE: PSX), Chevron (NYSE: CVX), Charter Communications (Nasdaq: CHTR), Alliance Resource Partners (Nasdaq: ARLP), AutoNation (NYSE: AN), Newell Brands (Nasdaq: NWL), T. Rowe Price (Nasdaq: TROW), AerCap Holdings (NYSE: AER), Aon (NYSE: AON), Avantor (NYSE: AVTR), Barnes Group (NYSE: B), Booz Allen Hamilton (NYSE: BAH), CBRE Group (NYSE: CBRE), Chart Industries (NYSE: GTLS), First Hawaiian (Nasdaq: FHB), Fortis (NYSE: FTS), Gentex (Nasdaq: GNTX), Imperial Oil (NYSE American: IMO), LyondellBasell (NYSE: LYB), Piper Sandler (NYSE: PIPR), Saia (Nasdaq: SAIA), WisdomTree (NYSE: WT), Xcel Energy (Nasdaq: XEL).

Notable IPOs Today: LuxUrban Hotels Inc. 13.00% Series A Cumulative Redeemable Preferred Stock (Nasdaq: LUXHP).

Notable Equity Crowdfunding Campaigns Ending Today: Evolution Optiks (Netcapital), Underground Mushroom Co. (Mainvest), Artisanal & Hemstroughts (Mainvest), Ancient Awakenings (Honeycomb), Demand Derivatives (Netcapital), Crazy Good Kitchen Miami (Mainvest).

Notable Economic Events Today: Core PCE Price Index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), Michigan 5-Year Inflation Expectations / Sentiment (10:00 a.m. ET).

Intel Showcases AI Momentum

Photo by Ryan on Unsplash

Shares of Intel (Nasdaq: INTC) jumped 7.66% in after-hours trading on Thursday after the chip manufacturer reported strong financial results.

Financials: Intel reported earnings of 41 cents per share in the past quarter and revenue of $14.2 billion; both were better than expected.

Powering the Story: CEO Pat Gelsinger attributed the strong results to many factors including “momentum” for the company’s AI products.

Final Thoughts: Intel, up 21% this year, also reported better-than-expected guidance, which means the future looks bright for the company.

Enphase Energy Faces Tough Macro Conditions

Solar energy and electric vehicle charging company Enphase Energy (Nasdaq: ENPH) plummeted by 16.82% in after-hours trading on Thursday after reporting weak financial results.

Financials: Enphase reported earnings of $1.02 per share in the past quarter, which was better than expected. But revenue only hit $551.1 million, which was below estimates.

Final Thoughts: The company cited macroeconomic conditions and high inventory as reasons behind the revenue miss. Enphase is down 62% this year.