Amazon Stock Is Trading Lower Friday: What's Going On?

Amazon.com, Inc. AMZN stock is trading lower Friday after the company reported second quarter financial results on Thursday after the market closed.

What To Know: The company reported earnings per share of $1.68, beating the consensus estimate of $1.30. In addition, the company reported sales of $167.70 billion, beating the consensus estimate of $161.87 billion.

Amazon broke down sales even further, reporting $100.1 billion from its North America segment, up 11% year-over-year, and $36.8 billion from its International segment, up 16% or 11% excluding currency impacts. AWS segment sales rose 17.5% to $30.9 billion.

Q3 Outlook: Amazon anticipates sales from $174.00 billion to $179.50 billion, versus the consensus estimate of $172.76 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Susquehanna analyst Shyam Patil maintained a Positive rating on Amazon and raised the price target from $225 to $260.
• Barclays analyst Ross Sandler maintained an Overweight rating on Amazon.com and raised the price target from $240 to $275.
• Canaccord Genuity analyst Maria Ripps maintained a Buy rating on Amazon and maintained a  $280 price target.
• Rosenblatt analyst Barton Crockett maintained a Buy rating on Amazon and raised the price target from $288 to $297.
• Piper Sandler analyst Thomas Champion maintained an Overweight rating on Amazon and raised the price target from $250 to $255.

Related Link: Wall Street’s Most Accurate Analysts Weigh In On 3 Health Care Stocks With Over 3% Dividend Yields

AMZN Price Action: At the time of writing, Amazon stock is trading 7.71% lower at $216.06, according to data from Benzinga Pro.

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