Amazon.com, Inc. (NASDAQ:AMZN) shares are trading lower by 3.3% to $124.32 Wednesday morning. The stock is falling amid overall tech sector weakness after Alphabet Inc and Microsoft Corp reported earnings during Tuesday’s after-hours session.
What Happened?
- Alphabet’s third-quarter revenue grew by 11% YoY, reaching $76.69 billion, surpassing the expected $75.94 billion consensus estimate. The tech company’s quarterly earnings were $1.55 per share, exceeding analyst predictions. Alphabet stock is down roughly 8% Wednesday morning.
- Microsoft’s first-quarter revenue of $56.52 billion surpassed estimates of $51.4 billion, and their first-quarter EPS was $2.99, beating estimates of $2.50. Microsoft stock is up some 3% Wednesday.
What Else?
Amazon stock is also trading lower amid anticipation of the company’s third-quarter earnings report, confirmed for Thursday’s after-hours session.
According to analyst consensus estimates, Amazon is expected to report EPS of 58 cents on revenue of $141.44 billion.
See Also: Amazon Is A Buy: Analyst Highlights E-Commerce Leadership, Retail Profitability, AWS Growth As Catalysts
According to data from Benzinga Pro, Amazon has a 52-week high of $145.86 and a 52-week low of $81.43.
