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App Economy Insights
RT @EconomyApp: $AMZN Amazon Q1 FY25:
• Revenue +9% Y/Y to $155.7B ($0.6B beat).
• Operating margin 12% (+1pp Y/Y).
• EPS $1.59 ($0.23 beat).
• Q2 Guidance: ~$161.5B ($0.4B beat).
☁️ AWS:
• Revenue +17% Y/Y to $29.3B.
• Operating margin 39% (+2pp Y/Y). https://t.co/1l7maTFnVx
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RT @EconomyApp: $AMZN Amazon Q1 FY25:
• Revenue +9% Y/Y to $155.7B ($0.6B beat).
• Operating margin 12% (+1pp Y/Y).
• EPS $1.59 ($0.23 beat).
• Q2 Guidance: ~$161.5B ($0.4B beat).
☁️ AWS:
• Revenue +17% Y/Y to $29.3B.
• Operating margin 39% (+2pp Y/Y). https://t.co/1l7maTFnVx
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Wall St Engine
HERE’S WHAT ANALYSTS HAVE TO SAY AFTER $AMZN Q1 EARNINGS:
Morgan Stanley (Overweight, PT: $250)
"We remain confident AMZN will emerge stronger after this period and that its logistics leadership and GenAI-enabled advances will position it for even more (and more profitable) multi-year retail share gains. But, for now, 2H:25 and '26 visibility on the cost to deliver a leading experience for buyers and sellers remains low. [...] Our PT rises 2% to $250 (~35X '26 EPS), and we remain OW as we look for visibility on China tariffs as a catalyst for estimate revisions. Until then, we view AMZN as largely range bound, trading ~$150-$200."
Bank of America (Buy, PT: $230)
"Amazon has 'material' 3P seller revenue exposure to China and other imports, and AWS lost some ground to Azure in 1Q. [...] AWS is not seeing the benefit of ChatGPT usage like Azure, corporate spend remains steady [...] AWS growth could potentially accelerate in 2H as capacity ramps up. [...] We are raising our PO to $230 from $225 on higher estimates and stable SOP multiples."
Evercore ISI (Outperform, PT: $260)
"Shares traded off modestly on the soft Q2 Op Income guide and the lack of AWS acceleration given very strong Azure results, but we view the core near-term and long-term thesis as well intact. [...] AWS revenue growth remained consistent at 17% Y/Y, and backlog growth accelerated to 20% Y/Y – a good sign. [...] RH Operating Margins in every segment reflects ongoing and sustainable cost efficiencies."
Goldman Sachs (Buy, PT: $220)
"Q1 results slightly above the high-end of the guide across revenue and Operating Income [...] AWS revenue growth of +17% YoY was better than feared in Q1 and AMZN once again framed an expectation that the addition of new capacity in 2H25 will support AWS revenue growth. [...] We remain constructive [...] Amazon can produce a solid mix of compounded revenue growth and operating margin expansion."
Stifel (Buy, PT: $245)
"1Q headline results were better but AWS was marginally below expectations. [...] AWS growth was marginally light, but the forward commentary remains positive (capacity being consumed the moment it becomes available), and backlog growth accelerated by ~600bps. [...] Overall, we remain positive on AMZN, and only slightly revise our forward estimates."
Cantor Fitzgerald (Overweight, PT: $240)
"AWS margins expanded 250bps Q/Q to 39.5% - the highest levels on record. [...] Despite near-term uncertainties, our long-term thesis on AMZN is intact - AMZN stands to gain the most competitively during macro disruptions in both AWS and Retail businesses over the long term."
HSBC (Buy, PT: $240)
"We continue to see AMZN as exceptionally well placed and exposed to all the right structural themes. [...] AWS matters above all else (AWS is still 70% of our DCF-based SOTP value for AMZN). [...] We still see implied upside of 26% to our revised USD240 TP."
JMP Securities (Market Outperform, PT: $250)
"AWS OIM came in well above expectations. [...] AMZN's advertising business remained robust. [...] Management noted demand remains strong and growth would have been higher if not for capacity constraints which are expected to ease in 2H25."
BofA Securities (Buy, PT: $230)
"AWS lost some ground to Azure [...] Cloud growth can be lumpy [...] AWS growth could potentially accelerate in 2H as capacity ramps up. [...] We are raising our PO to $230 from $225."
Susquehanna (Positive, PT: $225)
"AMZN's 1Q was generally solid [...] AWS growth was 17% y/y ex-FX [...] We continue to view AMZN as a long-term secular grower underpinned by its strong eCommerce, cloud/AI, and advertising businesses."
Piper Sandler
"AMZN remains relentless on lowering cost to serve and appears on the cusp of an AI product cycle, although macro creates uncertainty."
[...]
HERE’S WHAT ANALYSTS HAVE TO SAY AFTER $AMZN Q1 EARNINGS:
Morgan Stanley (Overweight, PT: $250)
"We remain confident AMZN will emerge stronger after this period and that its logistics leadership and GenAI-enabled advances will position it for even more (and more profitable) multi-year retail share gains. But, for now, 2H:25 and '26 visibility on the cost to deliver a leading experience for buyers and sellers remains low. [...] Our PT rises 2% to $250 (~35X '26 EPS), and we remain OW as we look for visibility on China tariffs as a catalyst for estimate revisions. Until then, we view AMZN as largely range bound, trading ~$150-$200."
Bank of America (Buy, PT: $230)
"Amazon has 'material' 3P seller revenue exposure to China and other imports, and AWS lost some ground to Azure in 1Q. [...] AWS is not seeing the benefit of ChatGPT usage like Azure, corporate spend remains steady [...] AWS growth could potentially accelerate in 2H as capacity ramps up. [...] We are raising our PO to $230 from $225 on higher estimates and stable SOP multiples."
Evercore ISI (Outperform, PT: $260)
"Shares traded off modestly on the soft Q2 Op Income guide and the lack of AWS acceleration given very strong Azure results, but we view the core near-term and long-term thesis as well intact. [...] AWS revenue growth remained consistent at 17% Y/Y, and backlog growth accelerated to 20% Y/Y – a good sign. [...] RH Operating Margins in every segment reflects ongoing and sustainable cost efficiencies."
Goldman Sachs (Buy, PT: $220)
"Q1 results slightly above the high-end of the guide across revenue and Operating Income [...] AWS revenue growth of +17% YoY was better than feared in Q1 and AMZN once again framed an expectation that the addition of new capacity in 2H25 will support AWS revenue growth. [...] We remain constructive [...] Amazon can produce a solid mix of compounded revenue growth and operating margin expansion."
Stifel (Buy, PT: $245)
"1Q headline results were better but AWS was marginally below expectations. [...] AWS growth was marginally light, but the forward commentary remains positive (capacity being consumed the moment it becomes available), and backlog growth accelerated by ~600bps. [...] Overall, we remain positive on AMZN, and only slightly revise our forward estimates."
Cantor Fitzgerald (Overweight, PT: $240)
"AWS margins expanded 250bps Q/Q to 39.5% - the highest levels on record. [...] Despite near-term uncertainties, our long-term thesis on AMZN is intact - AMZN stands to gain the most competitively during macro disruptions in both AWS and Retail businesses over the long term."
HSBC (Buy, PT: $240)
"We continue to see AMZN as exceptionally well placed and exposed to all the right structural themes. [...] AWS matters above all else (AWS is still 70% of our DCF-based SOTP value for AMZN). [...] We still see implied upside of 26% to our revised USD240 TP."
JMP Securities (Market Outperform, PT: $250)
"AWS OIM came in well above expectations. [...] AMZN's advertising business remained robust. [...] Management noted demand remains strong and growth would have been higher if not for capacity constraints which are expected to ease in 2H25."
BofA Securities (Buy, PT: $230)
"AWS lost some ground to Azure [...] Cloud growth can be lumpy [...] AWS growth could potentially accelerate in 2H as capacity ramps up. [...] We are raising our PO to $230 from $225."
Susquehanna (Positive, PT: $225)
"AMZN's 1Q was generally solid [...] AWS growth was 17% y/y ex-FX [...] We continue to view AMZN as a long-term secular grower underpinned by its strong eCommerce, cloud/AI, and advertising businesses."
Piper Sandler
"AMZN remains relentless on lowering cost to serve and appears on the cusp of an AI product cycle, although macro creates uncertainty."
[...]
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App Economy Insights
RT @EconomyApp: $AAPL Apple Q2 FY25 (March quarter):
💳 Services +12% Y/Y to $26.6B.
📱 Products +3% Y/Y to $68.7B.
• Revenue +5% Y/Y to $95.4B ($0.8B beat).
• Operating margin 31% (+0pp Y/Y).
• EPS $1.65 ($0.03 beat). https://t.co/NMtt0y8e3C
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RT @EconomyApp: $AAPL Apple Q2 FY25 (March quarter):
💳 Services +12% Y/Y to $26.6B.
📱 Products +3% Y/Y to $68.7B.
• Revenue +5% Y/Y to $95.4B ($0.8B beat).
• Operating margin 31% (+0pp Y/Y).
• EPS $1.65 ($0.03 beat). https://t.co/NMtt0y8e3C
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Quiver Quantitative
JUST IN: Brown University has opened a new ~$5M position in Bitcoin, $IBIT.
From Quiver portfolio tracking: https://t.co/Yfl0snfRNb
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JUST IN: Brown University has opened a new ~$5M position in Bitcoin, $IBIT.
From Quiver portfolio tracking: https://t.co/Yfl0snfRNb
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Quiver Quantitative
Nancy Pelosi made $2M in the stock market today, per our estimates.
We estimate that she is now worth $256M. https://t.co/8vRrp7ggQd
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Nancy Pelosi made $2M in the stock market today, per our estimates.
We estimate that she is now worth $256M. https://t.co/8vRrp7ggQd
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Wall St Engine
Jeff Bezos has filed to sell up to 25 million Amazon $AMZN shares, worth about $5B, under a 10b5-1 trading plan. https://t.co/DpxSt8X8Gn
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Jeff Bezos has filed to sell up to 25 million Amazon $AMZN shares, worth about $5B, under a 10b5-1 trading plan. https://t.co/DpxSt8X8Gn
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Wall St Engine
BEIJING WEIGHS FENTANYL CONCESSION TO OPEN TRADE TALKS - WSJ
China is weighing steps to curb fentanyl chemical exports as a possible opening move to ease tensions with the U.S. and restart stalled trade negotiations, per WSJ https://t.co/DMzEsyqL8A
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BEIJING WEIGHS FENTANYL CONCESSION TO OPEN TRADE TALKS - WSJ
China is weighing steps to curb fentanyl chemical exports as a possible opening move to ease tensions with the U.S. and restart stalled trade negotiations, per WSJ https://t.co/DMzEsyqL8A
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