Wall Street Breakfast April 29: Amazon Slides After Weaker-Than-Anticipated Sales Forecast

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 29 April 2022

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Amazon fell sharply in after-hours trading after reporting operating income below expectations for Q1 and setting cautious guidance for Q2. Apple's Chief Executive Tim Cook said the tech giant was "not immune" to the challenges caused by the war in Ukraine and Covid-related disruptions in China. Germany drops opposition to the Russian oil embargo. Catch today’s WSB article here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.2	Good morning. Today is Friday, April 29th, and I'm your host Julie Morgan.
0:16.0	Our top stories, Amazon, Apple, and Ukraine.
0:20.0	Amazon, did the company meet expectations on all fronts, and when is Prime Day?
0:25.9	One a day keeps the doctor away.
0:28.0	What did Apple's Tim Cook have to say about China, COVID, and demand? And this country is now on board for an oil embargo.
0:36.0	Let's talk about it.
0:37.2	Amazon fell in after hours trading.
0:39.6	This after the company reported operating income below expectations for Q1 and set cautious guidance for
0:46.1	Q2.
0:47.1	The e-commerce giant reported a net loss of 3.8 billion with revenue meeting expectations at 116.4 billion.
0:55.7	The price hike on Amazon Prime and Q1 had a limited benefit.
1:00.2	Cloud Business came in strong.
1:01.8	AWS revenue came in at 18.4 billion compared to 13.5 billion a year ago.
1:08.4	Advertising revenue was off at 7.9 billion versus the 8.2 billion that was anticipated.
1:14.8	The company CEO said the Cloud Business was integral in helping companies
1:19.0	whether the pandemic and move more of their workloads onto the cloud.
1:23.0	He went on to say that the consumer business has grown so much
1:26.0	that in two years they've had to double the size of the fulfillment network
1:30.0	that took Amazon 25 years to build. Now on to the big question. network that
1:34.0	Amazon 25 years to build. Now on to the big question I told you that we talk about
	...

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