Stifel Recaps Amazon.com (AMZN) EPS

Stifel analyst Mark Kelly reiterated a Buy rating and $248.00 price target on Amazon.com (NASDAQ: AMZN)

The analyst comments "Reported net revenue of $155.7bn (+8.6% y/y; +10% y/y FXN) above the Street of $155.1bn (+8.3% y/y), with Operating Income of $18.4bn (11.8% margin) ahead of the Street of $17.5bn (11.3% margin). Guided 2Q25 revenue in the range of $159-164bn (+7.4-10.8% y/y), vs. consensus of $161.2bn (+8.9% y/y), and Operating Income in the range of $13.0-17.5bn (9.4% margin at midpoint), vs. consensus of $17.6bn (10.9% margin). We'll look to update our broader thoughts after the call. Segments Revenue: Reported Online Stores revenue of $57.4bn (+5.0% y/y; +6% y/y FXN) ahead of consensus of $56.6bn (+3.6% y/y), and Physical Stores revenue of $5.5bn (+6.4% y/y; +6% y/y FXN) ahead of consensus of $5.4bn (+3.7% y/y). Third-party Seller Services revenue was $36.5bn (+5.5% y/y; +7% y/y FXN) below consensus of $36.8bn (+6.3% y/y). Reported Subscription revenue of $11.7bn (+9.3% y/y; +11% y/y FXN) vs. consensus of $11.6bn (+8.4% y/y). AWS revenue was $29.3bn (+16.9% y/y; +17% y/y FXN) marginally below consensus of $29.4bn (+17.6% y/y), and Advertising revenue was $13.9bn (+17.7% y/y; +19% y/y FXN) above consensus of $13.7bn (+16.2% y/y). Operating Income: Reported AWS Operating Income of $11.5bn (39.5% margin) above the Street of $10.5bn (35.6% margin). North America Operating Income was $5.8bn (6.3% margin) below the Street of $6.1bn (6.6% margin), and International Operating Income was $1.02bn (3.0% margin) vs. the Street of $1.03bn (3.1% margin). 2Q25 Guidance: Guided 2Q25 revenue in the range of $159-164bn (+7.4-10.8% y/y), vs. consensus of $161.2bn (+8.9% y/y), and Operating Income in the range of $13.0-17.5bn (9.4% margin at midpoint), vs. consensus of $17.6bn (10.9% margin). The 2Q guidance anticipates an FX headwind of 10bps."

For an analyst ratings summary and ratings history on Amazon.com click here. For more ratings news on Amazon.com click here.

Shares of Amazon.com closed at $184.42 yesterday.

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