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Amazon (NASDAQ:AMZN) continues to dominate multiple market sectors, proving itself as a true juggernaut. Despite critics claiming that AMZN stock is overpriced, the company received an impressive “A” grade following a highly successful Black Friday and Cyber Monday.
But there’s more to Amazon than just e-commerce. The company has diversified its revenue sources, including cloud computing, grocery delivery, healthcare, and even a project in space.
AMZN Stock: Flying High and Justified
Amazon has shown that winners can keep on winning. The stock has consistently exceeded Wall Street’s quarterly earnings expectations throughout the year, justifying its powerful momentum.
Furthermore, Amazon benefited from the strong American consumer during its extended Black Friday and Cyber Monday shopping event. U.S. online sales during the five-day period hit a record $38 billion, demonstrating the company’s ability to capitalize on Americans’ preference for online shopping.
Amazon Hires SpaceX for Satellite Launch
In addition to its e-commerce success, Amazon is expanding its plans to launch internet-from-space satellites. Project Kuiper aims to develop Amazon’s satellite network, and the company has recently partnered with Elon Musk’s SpaceX. Starting in mid-2025, SpaceX will launch three Falcon 9 rockets on behalf of Amazon. Early customer pilots are expected to be deployed in the second half of 2024.
It’s remarkable to see Amazon’s influence extend beyond borders and into space as it ventures into yet another future-facing market segment.
Amazon Stock Continues to Gain Momentum
With a highly successful post-Thanksgiving shopping period and plans for satellite launches, Amazon remains a powerful momentum stock. While there are no guarantees, the company’s consistent income generation and innovative nature make it a strong contender. Despite a powerful rally in 2023, AMZN stock still earns an “A” grade and is likely to continue its upward trajectory in 2024.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
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