Amazon (AMZN, Buy, $225 target) First Take: Is this the new normal for Retail margins?
What’s New: In this first take following tonight’s results, we focus on:1. Retail leverage keeps improving: is this the new normal?
2. AWS revenue growth fine, margins better than we feared
3. Gen AI for Retail: still difficult to quantify, but several promising irons in the fire
4. $75B of capex this year, growing again next year
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.
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