Amazon (NASDAQ:) is due to reveal its Q1 2020 for the fiscal quarter that ended in March on Thursday, April 30 after market close. The mammoth online retailer has accomplished what few other companies have managed — it’s seen its shares soar to all-time highs in a world shut down by the coronavirus pandemic.
While other business are laying off workers, to the tune of 22 million , a scale not seen since the Great Depression, Amazon has had to hire 175,000 workers since the start of the crisis in order to keep up with soaring demand from people stuck at home.
Indeed, the king of e-commerce has effectively administered a death blow to many brick-and-mortar retailers that have been shuttered during the lockdown, some of which will never reopen, thereby increasing Amazon’s kingdom aka market share, even further.
While we view the stock as a buy—the long-term chart supports the fundamentals—shares closed down 2.74% yesterday, at $2,328, we’d advise waiting for a better entry…
