What's Going On With Amazon.Com Stock Monday?

Amazon.Com, Inc AMZN stock continues to hog investor attention with upbeat results last week and exclusive deals for Amazon Great Freedom Sale 2023 for Indian customers between August 4 and August 8. 

The company announced attractive deals for Samsung Electronics Co, Ltd SSNLF, Xiaomi Corp XIACY, Realme, Tecno, and other smartphone brands, reports indicated.

The offers were exclusively accessible to Prime users on August 3.

The company had shared plans to ramp up investments in India to $26 billion by 2030, with $6.5 billion in new planned assets after CEO Andy Jassy met Prime Minister Narendra Modi in the U.S.

In May, AWS shared plans to invest ₹1.06 trillion ($12.9 billion) in the country by the end of 2030. Earlier, Amazon disclosed a $6.5 billion investment plan to boost its e-commerce business.

Last week, the company disclosed upbeat second-quarter results and a grocery business overhaul.

Also Read: Everything You Need To Know About Amazon.Com's Grocery Business Overhaul

Amazon.Com's Q2 revenue increased 11% year-over-year to $134.4 billion, which beat the consensus estimate of $131.54 billion. The company reported quarterly earnings of 65 cents per share, which beat analyst estimates of 34 cents per share. Interestingly, the results did not reflect the Amazon Prime Day sale.

U.S. consumers spent $6.4 billion online in the first 24 hours of its Prime Day, up by 6% year-on-year. Analysts hailed AWS gains from shifting enterprise workload to the cloud and the company's AI initiatives.

Amazon shared plans to merge its various e-commerce supermarket offerings, including Whole Foods, Amazon Fresh, and Amazon.com, into one online cart to take on the likes of Walmart Inc WMT.

Barclays analyst Ross Sandler maintained Amazon.Com with an Overweight and raised the price target from $140 to $180.

Price Action: AMZN shares traded higher by 1.78% at $142.06 on the last check Monday.

Photo via Phillip Pessar via Flickr