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Summary

On August 3, 2023, Amazon announced its earnings for the second quarter of 2023, showcasing an 11% jump in its net sales during the quarter to US$134.4 billion. Meanwhile, the company’s operating income increased to US$7.7 billion in Q2 2023, as compared to US$3.3 billion in Q2 2022.

Amazon’s AWS segment drove growth across the company, as the segment alone reported an operating income of US$5.4 billion during Q2 2023. The segment also saw a 12% y-o-y increase in sales to US$22.1 billion.

AMZN has a mean recommendation rating of 1.7 on a scale of one to five. Here, one represents a ‘strong buy’ rating and five represents ‘strong sell' rating. The stock’s mean consensus price target is US$165.36, an upside potential of 18.48% over Friday’s closing price.

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