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Amazon Shares Dip as Cloud Revenue Misses Street; Analysts Still Upbeat
Feb. 03, 2017 09:01AM PST
Cloud InvestingAmazon.com’s (NASDAQ:AMZN) shares fell as much as 4.2 percent on Friday after the company missed Wall Street targets for its closely watched cloud computing business. Shares fell to $804 in early trading, a day after the company reported lower-than-expected fourth-quarter revenue and said it would continue to spend heavily this year, as it looks to take …
Amazon.com’s (NASDAQ:AMZN) shares fell as much as 4.2 percent on Friday after the company missed Wall Street targets for its closely watched cloud computing business. Shares fell to $804 in early trading, a day after the company reported lower-than-expected fourth-quarter revenue and said it would continue to spend heavily this year, as it looks to take control of its delivery chain and expand its video service around the world.
As quoted in the press release:
At least six brokerages cut their price targets on the stock, bringing the median target price to $925.
“This is the first time we can recall that AWS (Amazon Web Services) revenue has missed Street numbers,” RBC analysts said in a note.