Strong trends across the board
Q4 revenue, gross profit and op income all topped expectations as AWS reaccelerated, N America ecommerce trends remained strong and advertising continued to grow at a rapid pace. Q1 guidance suggests revenue upside but lower profits as the company continues to invest aggressively, which seems sensible given the multiple growth opportunities available. We remain Overweight and lift our PT to $1,650 from $1,335 on higher AWS and advertising valuations.Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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