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Amazon: Batten down the Hatches

7 November 2022

A mixed quarter from Amazon Inc. The company reported EPS of $0.31 per share or $2.9B, though this includes $1.1B in non-operating income from the company’s investment in Rivian, the electric truck manufacturer. “Actual” operating income was $1.8B. Net sales increased 15% to $127.1B; FX created a drag of ~$5B YoY. The company beat on EPS by ~36% while missing revenue expectations by about 0.29%. The stock sold off in the double digits after earnings, mostly on the back of management’s lowered guidance for Q4.

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