Amazon Soars to New Heights with Successful Holiday Season
It’s no secret that Amazon (NASDAQ:AMZN) is a force to be reckoned with in various market sectors. Despite critics claiming that AMZN stock is overpriced, the company has proven them wrong with an impressive performance during Black Friday and Cyber Monday.
But that’s not the only reason to consider owning Amazon stock before the year ends. While the company has long been known for its e-commerce business, it also has financial interests in cloud computing, grocery delivery, healthcare, and even a project in space.
AMZN Stock Continues to Rise
Amazon has shown that winners can keep on winning. Just because a stock has already experienced significant gains doesn’t mean it can’t continue to climb higher. Amazon has consistently exceeded Wall Street’s quarterly earnings expectations this year, further justifying its powerful momentum.
The Strong American Consumer Boosts Amazon
According to a Reuters report, Amazon’s extended Black Friday and Cyber Monday holiday shopping event was its biggest ever compared to previous years. Online sales in the US, including those on Amazon, reached a record-breaking $38 billion during the five-day period from Thanksgiving through Cyber Monday. This highlights Amazon’s ability to benefit from Americans’ preference for online shopping.
Amazon Ventures into Space with SpaceX
In addition to its thriving e-commerce platform, Amazon is expanding its reach into space by launching internet-from-space satellites. The project, known as Project Kuiper, involves a partnership with several satellite launch providers, including Elon Musk’s SpaceX. Starting in mid-2025, SpaceX will launch three Falcon 9 rockets on behalf of Amazon. The company also plans to deploy enough satellites for early customer pilots by the second half of 2024.
Amazon Stock Shows Strong Momentum
With a highly successful post-Thanksgiving shopping period and plans for satellite launches in space, Amazon continues to impress. While there are no guarantees in the market, Amazon is a consistent income generator and a bold innovator. Despite a powerful rally in 2023, AMZN stock still has room to grow in 2024, earning it an “A” grade.
Disclaimer: Neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held any positions in the securities mentioned.
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For more information, read the full article on InvestorPlace: [Amazon Stock: Cap Off the Holiday Season With a Blockbuster Success](https://investorplace.com/market360/2023/12/amazon-stock-cap-off-the-holiday-season-with-a-blockbuster-success/)