Amazon (AMZN), king of the Wall Street jungle, was the latest tech giant to report quarterly earnings after the closing bell yesterday. At a $735BN market capitalisation, AMZN is fast closing in on Apple to become the largest company in the world. At first glance, the numbers look impressive. 1Q 2018 sales reached $51BN +43% year/year, driven in part by the success of their cloud division, Amazon Web Services. Quarterly profits more than doubled to $1.6BN. AMZN is on a roll but needs to continue its rapid pace of growth to support a three-quarters-of-a-trillion market capitalisation. The stock jumped +7% after hours and is due to open at a new all time high. If AMZN can hold on tho those gains today, it will provide a big support for the technology sector and the broader market.
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