Online retail giant Amazon.com Inc.’s AMZN, +8.27% second-quarter results and third-quarter forecast sales last week were a bet that more consumers would start buying more things, but Wall Street’s expectations for the third quarter overall have only grown dimmer.
Wall Street analysts overall still expect a bigger rebound for the fourth quarter, the FactSet report said. And they expect 2023 overall to eke out a per-share profit gain of 0.8%. “The staff now has a noticeable slowdown in growth starting later this year in the forecast. But given the resilience of the economy recently, they are no longer forecasting a recession,” he said last month.
“Corporate profit margins are narrowing, and businesses will look to cut costs through layoffs,” he said. Elsewhere, ride-hailing platform Lyft Inc. LYFT, -5.73%, online dating service Bumble Inc. BMBL, -3.86% and video-game maker Take-Two Interactive Software Inc. TTWO, -2.45% also report during the week. And Canadian pot producer Canopy Growth Corp. CGC, -3.47% will get another chance to pick up the pieces, after over-expanding and now trying to hold onto its cash.
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Source: CNBC - 🏆 12. / 72 Read more »