Amazon.com Inc AMZN shares are trading lower Friday after the company reported first-quarter financial results and issued second-quarter guidance below analyst estimates.
Amazon said first-quarter revenue increased 7% year-over-year to $116.4 billion, which beat the $116.3 billion estimate. The e-commerce giant reported a quarterly net loss of $7.56 per share, which included a non-operating expense from Amazon’s investment in Rivian Automotive Inc RIVN.
AWS was a bright spot for the company, growing 37% year-over-year.
Amazon said it expects second-quarter revenue to be between $116 billion and $121 billion versus the $125.55 billion estimate, according to data from Benzinga Pro.
Related Link: Amazon Q1 Takeaways: Mixed Earnings, Lower Guidance Sends Stock Falling
Analyst Assessment: Following Amazon’s quarterly results, numerous analyst firms adjusted price targets on the stock ranging from $3,300 to $4,250.
- Raymond James maintained Amazon with an Outperform rating and lowered the price target from $3950 to $3300.
- JMP Securities maintained Amazon with a Market Outperform rating and lowered the price target from $4000 to $3600.
- Credit Suisse maintained Amazon with an Outperform rating and lowered the price target from $4100 to $3700.
- UBS maintained Amazon with a Buy rating and lowered the price target from $4550 to $4185.
- JPMorgan maintained Amazon with an Overweight rating and lowered the price target from $4500 to $4000.
- Morgan Stanley maintained Amazon with an Overweight rating and lowered the price target from $4200 to $3800.
- Cowen & Co. maintained Amazon with an Outperform rating and lowered the price target from $4400 to $4250.
AMZN Price Action: Amazon shares are making new 52-week lows on Friday.
The stock was down 10.6% at $2,586 at time of publication.
Photo: courtesy of Amazon.