Amazon.com Has Completely Rebounded From Its Post 9/11 Lows
Amazon.com didn't just beat Q3 earnings expectations after the bell on Thursday. Instead, the company practically humiliated the analysts who currently cover the stock, blowing out the consensus earnings number so badly that analysts are going to have to scramble to upgrade their expectations for future quarters tomorrow morning.
Just how badly did Amazon.com trounce earnings expectations for Q3 2009?
The company reported that they earned 45 cents per share in Q3, far ahead the 30 cents per share that analysts were expecting.
Revenue numbers were much higher than expected as well, coming in at $5.45 billion dollars compared to analyst estimates of $5.03 billion.
It's no wonder that Amazon.com surged after the bell and is currently trading at nearly $106 per share.
Seven or eight years ago, who would have ever guessed that Amazon.com would be about to top its 1999 highs?
In the weeks and months following 9/11, AMZN traded in the single digits.
13 days after 9/11, you could have purchased shares of Amazon.com for less than $6.
Now, less than a decade later, AMZN is poised to set a new all-time high.
Back in the late '90s, Amazon.com was a stock that EVERYBODY had to own.
I'm sure that you remember the ridiculous one-day moves that the stock used to put in, usually fueled by overzealous analysts who were all scrambling to have the highest target price target for the stock.
The air was let out of the AMZN balloon when the dot-com bubble popped, shedding billions of dollars in market cap in the process.
Most companies don't recover after changing from market darling to pariah, but Amazon.com did.
Amazon.com continued to innovate and execute over the years, and now appears to be hitting on all cylinders.
Hats off to Amazon - I can only imagine how much money they will rake in over the holidays.
Source: New York Times - Shares Surge as Amazon Reports 62% Earnings Rise
Amazon.com Quote Page