Amazon Web Services Revenue

Plus, Intel showcases AI momentum.

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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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

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.

Trends to Watch

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