Jim Cramer on Amazon: “This Was Some Darn Quarter”

Amazon.com, Inc. (NASDAQ:AMZN) is one of the stocks Jim Cramer spoke about recently. Cramer made some positive comments about the company after its earnings, as he commented:

“We got some miracles tonight, two of them. We got not just one, but two huge upside surprises in both the future and the quarters… I’m talking about Amazon and Apple. Amazon reported a hefty top and bottom line beat, crushing expectations. But much more important, this Amazon Web Services, AWS, regarded currently as its most important division and also its Achilles heel, saw its revenue growth accelerate from 17.5% to 20.2% with higher than expected margins too. Remember, coming into the quarter, I told you that Wall Street was focused like a laser on the growth rate for web services. I think that’s a little myopic, if not downright stupid, but it’s what the shareholder base care about. And Amazon, well, it blew away all expectations as CEO Andy Jassy put it, ‘AWS is growing at a pace we haven’t seen since 2022, reaccelerating to 20.2%… We continue to see strong demand in AI and core infrastructure, and we’ve been focused on accelerating capacity, adding more than 3.8 gigawatts in the past 12 months.’ So far so good. On top of that, management gave strong guidance for the current quarter. Hey, maybe Meta’s spending like a drunk sailor, but Amazon’s doing just fine and efficiently putting up great numbers in the process. It’s great to be prudent sometimes. This was some darn quarter and I, look, am I doing cartwheels about it? Yeah, kind of.”

christian-wiediger-rymh7EZPqRs-unsplash

Amazon.com, Inc. (NASDAQ:AMZN) sells consumer goods and digital content through online and physical stores, provides advertising and subscription services, operates Amazon Web Services for cloud computing, develops electronic devices, produces media content, and offers programs supporting third-party sellers and content creators.

While we acknowledge the risk and potential of AMZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AMZN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.