“`html
Amazon’s Performance Highlights
As of October 30, 2023, Amazon’s stock (NASDAQ: AMZN) has underperformed compared to other members of the “Magnificent Seven,” with a year-to-date return of less than 2%. However, following its earnings report on October 30, the company announced a 13% rise in net sales to $180.2 billion for the period ending September 30, surpassing analysts’ expectations.
Amazon’s cloud division, Amazon Web Services, generated $33 billion in revenue, exceeding predictions of $32.42 billion. Despite a recent announcement to cut 14,000 jobs, which affects approximately 1% of its 1.5 million workforce, the company’s valuation remains attractive, with a current P/E ratio of 34 compared to an S&P 500 average of 26.
“`
