Amazon shares lost ground in extended trading on Thursday after the tech giant reported cloud computing revenue below expectations and issued a tepid current quarter outlook.
The company’s AWS cloud unit revenue grew 19% to $28.79 billion, but came in short of the expected $28.87 billion. CEO Andy Jassy cited inconsistent chip supply from third-party partners as the cause.
Amazon shares have gained around 9% since January and are trading over 40% higher than last year, outpacing the S&P 500’s returns of 3% and 23%, respectively.
Technical analysis suggests a possible retest of the rising wedge pattern’s lower trendline. Key support levels to watch include $230, $216, and $200. If the stock resumes its longer-term uptrend, investors may monitor a measured move price target at $290.
Source: https://www.investopedia.com/watch-these-amazon-price-levels-as-stock-drops-on-cloud-revenue-miss-tepid-sales-outlook-8787525