Jim Cramer praised Amazon.com Inc. AMZN for its “spectacular” first-quarter performance. He also commented on the performance of other companies in a recent post.
What Happened: On Wednesday, Cramer took to X, formerly Twitter, to express his views on the recent quarterly performances of some major companies.
He first lauded Amazon’s Q1 performance, calling it “spectacular" and noted that "gathering momentum in EPS, free cash flow, gross margins, and orders for AWS” as factors contributing to this extraordinary quarter for the Jeff Bezos company.
"Extraordinary quarter," Cramer remarked.
He then shifted his focus to other companies, describing the night as “insane.”
He mentioned that Super Micro Computer Inc. SMCI had a tough night despite a good quarter, and Advanced Micro Devices Inc. AMD was hit hard despite good accelerated computing.
"Insane night with SuperMicro getting whacked on a pretty q and AMD getting hit hard even as accelerated computing was good."
He also predicted that Skyworks Solutions Inc.'s SWKS March 2024 quarter performance would once again “hammer Apple,” a prediction he wished hadn’t been made by Bernstein the other day.
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"Skyworks will, once again, hammer Apple which I sure wish hadn’t been bulled by Bernstein the other day."
See Also: What Is Going On With Apple? iPhone Sales Drop By Staggering 9.3M Units Globally In Q1 2024
Why It Matters: Cramer’s comments come at a time when the market is closely watching the performance of these companies.
During Q1, Amazon reported that its generative AI business hit a “multibillion-dollar” revenue run rate, while the crucial Amazon Wireless Services (AWS) business hit a $100 billion revenue run rate.
On the other hand, AMD’s Q1 results were slightly ahead of expectations, with record data center revenue. However, the stock retreated in after-hours trading, likely due to second-quarter revenue guidance that fell short of consensus estimates on the low end.
As for Skyworks, the company reported better-than-expected second-quarter earnings. Despite the positive results, some analysts slashed their forecasts on Skyworks Solutions after the Q2 results.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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