The multinational conglomerate is scheduled to report quarterly earnings this Thursday after the market close, and investors expect the company to have performed fairly well in light of the recent developments.
Amazon is one of the global retail industry's flagships, which makes it a crucial player in the struggle against the coronavirus for the duration of the national lockdowns worldwide, as we argued in our previous analysis on Amazon's stock price.
The company's business operations are expected to have increased tremendously since the commencement of the global social distancing trend, and that is why the consensus forecasts project solid Earnings Per Share Data to be delivered on Thursday.
Amazon Historical EPS Data. Image source: TradingEconomics.com
Amazon is expected to announce EPS of $6.35, which would be slightly less compared to the $6.47 EPS reported for Q4 of 2019, and also smaller than the $7.09 recorded for the same quarter last year.
Nevertheless, such a performance would be considered as an across the board success, given the accompanying massive uncertainty in the market.
Amazon's share price is currently forming a 'Wedge Pattern' on the daily chart below, and a positive earnings report would likely prompt the price action to continue heading further north.
Conversely, if the report's findings miss the initial mark, the price action could tumble as a result, and start depreciating towards the nearest support level.
Amazon 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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