Amazon is rallying ahead of its earnings
Amazon is up 1.2% at $842.09 per share on Thursday ahead of its fourth-quarter earnings results, which will be released after markets close.
The online retail giant is expected to report much stronger earnings and sales following a record holiday season for online sales. Among the top-selling devices were the company's own Alexa-powered smart devices, such as Echo Dot and Amazon Echo.
Here are Wall Street's expectations compiled by Bloomberg:
- Earnings-per-share (EPS): $1.36
- Revenue: $44.67 billion
In other news, Amazon continues to expand from its traditional e-commerce business. Amazon is building its first air cargo hub for $1.49 billion in another move to build out its logistics operations. The company also announced it is expanding into the auto parts market. Amazon has struck deals with several of the largest auto parts suppliers in the US to sell their products directly through Amazon, the New York Post reported.
Earlier this month, Amazon received an Oscar nomination for best picture, thanks to its indie drama, "Manchester by the Sea," starring Casey Affleck and Michelle Williams.
