Jim Cramer Notes Amazon "Had a Terrific Quarter"

Amazon.com, Inc. (NASDAQ:AMZN) is one of the Magnificent Seven stocks Jim Cramer commented on. Cramer noted that the stock keeps declining because of the belief that AWS’s growth is slowing. He said:

“Fifth, Amazon. Well, Amazon shouldn’t be troubled. It had a terrific quarter, including fantastic retail sales, stunning advertising revenues, decent numbers from Amazon Web Services, AWS. The reason the stock got hit and keeps getting hit is there’s a perception, Amazon Web Services’ growth is slowing. It was flat from the previous quarter, and that’s being viewed as a real weakness.

I’m hearing that Amazon may be market share donor to Microsoft and Alphabet in cloud computing, and they might stay that way until they stop trying to make do with their own chips and instead buy more, yes, of the ones from NVIDIA. I’m not sure this is a totally true narrative because I think AWS did fine. But I do hear about the resistance from young AI developers who are reluctant to use Amazon’s platform to develop their own products. I hope management comes on right here and explains more about this issue. Otherwise, I fear that this is an important position for my Charitable Trust is going to keep getting smoked. Help us, Amazon. I know, I’m greedy.”

Amazon (NASDAQ:AMZN) provides retail, subscription, and advertising services, along with devices like Kindle, Echo, and Fire TV. Additionally, the company offers cloud computing through AWS and supports third-party sellers and content creators across its platforms.

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