Amazon (NASDAQ: AMZN) share price had a 0.55% rebound on Thursday and closed the day at $128.91. The company released its Q2 earnings report after the bell, which showed a significant increase in its revenue and operating income. Consequently, Amazon stock soared in the aftermarket.
Before the earnings release, Amazon shares were trending lower. The underwhelming Q2 results of Apple raised the growth concerns of investors. In the aftermarket trading, AMZN surged by more than 10% and broke above $140. It’s the highest level since August 2022.
AWS Sales Increase 12% In Q2
As per the latest financial results, Amazon Web Services (AWS) sales grew by 12% during the second quarter of 2023. This was a slowdown from a 16% increase in the previous quarter. The company reported sales of $134.4 billion in Q2, an 11% increase from $121.2 billion a year ago.
As a result, Amazon share price is now set to open much higher after a surge in the pre-market trading session. The positive earnings from Amazon are a breath of fresh air for the tech stocks, which were facing headwinds from weak earnings from Apple.
Amazon Share Price Forecast – August 2023
The latest analysis reveals that NASDAQ: AMZN has risen to its fresh yearly high. Amazon stock has gained great strength above the 200-day moving average, which is considered very bullish by investors. The next key level to watch is the August 2022 level of $147, which might act as a major resistance level.
Amazon share price forecast is looking very bullish after a 46% rally from its March 2023 lows. Despite a strong rebound, the price is still trading 31% down from its all-time high. This still makes me suspicious of the ongoing price rally. The release of the July CPI report will be a key event for the markets in next week.
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