5 Biggest Tech Companies In The World After the 2022 Stock Market Collapse

4. Amazon.com, Inc. (NASDAQ:AMZN)

Market Cap as of November 10: $980.28 Billion

Amazon.com, Inc. (NASDAQ:AMZN) is the clear leader in e-commerce and cloud computing and is well-positioned to continue its dominance in these growing markets. The company Amazon has a strong brand and is trusted by consumers around the world. Amazon.com, Inc. (NASDAQ:AMZN) has a vast and growing ecosystem of products and services, which gives it a competitive advantage over other e-commerce and cloud providers. The company Amazon has a proven track record of innovating and expanding into new markets, which should continue to drive growth in the future. As of November 10, Amazon.com, Inc. (NASDAQ:AMZN) has a market cap of $980.28 billion and is one of the biggest tech companies in the world.

On October 27, Amazon.com, Inc. (NASDAQ:AMZN) posted earnings for the fiscal third quarter of 2022. The company reported earnings per share of $0.28 and outperformed estimates by $0.08. The company generated a revenue of $127.10 billion, up 14.70% year over year.

On October 28, Truist analyst Youssef Squali updated his price target on Amazon.com, Inc. (NASDAQ:AMZN) to $160 from $170 and reiterated a Buy rating on the shares.

Here is what Alger Capital had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its third-quarter 2022 investor letter:

“Amazon.com, Inc. (NASDAQ:AMZN) is a well-known online retailer and cloud computing leader. The company’s amazon web services business provides utility-scale cloud offerings that facilitate corporate America’s transition to digital systems. Shares outperformed during the quarter as investors were encouraged by strong second-quarter performance despite a challenging macroeconomic environment. Moreover, the company’s retail segment was resilient and avoided discounting inventory like some major retailers did. Revenues for the company’s cloud computing segment, amazon web services (AWS), grew faster than analysts’ estimates during the quarter due to continuing corporate demand for digitization. As a result, management provided better-than-expected forward guidance.”