Overall, Alphabet delivered a solid quarter, with revenue up 16% y/y and coming in $2.2 billion ahead of expectations. At the bottom line, Alphabet realized an EPS of $2.87, which was 61 cents better than had been anticipated.In 3Q25, Google ads generated $74.2 billion of Alphabet’s $102.3 billion in total revenue. At the same time, Google Cloud is becoming a more meaningful contributor, posting $15.16 billion in revenue and growing 33.5% year-over-year, supported by enterprise AI workloads and infrastructu ...

Core Viewpoint - Amazon is the largest e-commerce and cloud infrastructure company globally and continues to be a growth stock that outperforms the market [1] Group 1: Revenue Generation - Amazon primarily generates revenue from its retail business, which operates e-commerce marketplaces in over 24 countries and includes Whole Foods Market and some physical stores [3] - The majority of Amazon's profits come from Amazon Web Services (AWS), which held a 32% share of the global cloud infrastructure market in Q2 2025, significantly ahead of competitors like Microsoft Azure (22%) and Google Cloud (11%) [4] - In the first nine months of 2025, AWS contributed 18% of Amazon's net sales and 60% of its operating profit [4] Group 2: Business Strategies - AWS's high-margin revenues allow Amazon to enhance its subscription-based Prime ecosystem, offering discounts, free shipping, streaming services, and affordable hardware, which strengthens customer loyalty [5] - Amazon's advertising services accounted for 9% of its revenue in the first nine months of 2025, likely operating at higher margins than its retail business, indicating potential for growth as a secondary profit engine alongside AWS [6] Group 3: Recent Performance - Over the past three years, Amazon's stock has outperformed the S&P 500, with its e-commerce and cloud businesses continuing to grow [8] - In 2022, Amazon's net sales increased by only 9%, and its operating margin fell from 5.3% to 2.4%, partly due to inflation affecting consumer spending and a slowdown in cloud spending [9]

For Immediate ReleaseChicago, IL – December 26, 2025 – Today, Zacks Equity Research discusses Expedia Group, Inc. (EXPE) and Amazon, Inc. (AMZN) .Industry: e-CommerceLink: https://www.zacks.com/commentary/2808394/weak-macro-cant-stop-e-commerce-stocks-expedia-and-amazonWhile macroeconomic challenges mount, the e-commerce market is growing through innovation, technology and insight, as it continues to take away slices of the total retail pie. Commerce Department numbers are proof of this trend: ecommerce sal ...

智通财经APP获悉，在成功赢得对华纳兄弟探索频道(WBD.US)的激烈收购战之后，奈飞(NFLX.US)现 在面临反垄断挑战，该公司必须向全球监管机构证明，此次交易不会使其在流媒体市场获得不正当竞争 优势。 犹他州共和党参议员迈克·利则在本周早些时候的一篇社交媒体帖子中称，华纳兄弟与奈飞的合作将引 发比自己近十年来所见过的任何交易都要严重的竞争问题。 欧盟监管机构也可能会对奈飞的这一提议进行严格审查，因为受到了立法者的压力。在英国，该交易在 宣布之前就已经受到了关注；上议院议员卢西娜·伯杰女爵就敦促政府说明这笔交易将如何影响市场竞 争和消费者价格。 在该消息公布后，欧洲议会竞争问题方面的资深议员安德烈亚斯·施瓦布表示，合并后的公司将提高价 格，并对"文化、电影、电影院和剧院的放映活动"产生广泛影响。 派拉蒙试图将与奈飞的这笔交易描述为无法达成的协议。派拉蒙的反垄断律师在 12 月 1 日给华纳兄弟 的反垄断律师写信称："事实很简单，与奈飞作为买家达成的协议很可能无法完成，原因在于美国以及 大多数其他国家和地区存在反垄断和监管方面的障碍。" 此次总价值827亿美元的合并将全球最主流的付费流媒体服务与好莱坞最具标 ...

Group 1 - Amazon.com, Inc. is recognized as a "great company" with a strong retail business, but currently, Wall Street is primarily focused on Amazon Web Services (AWS) [1] - AWS reported a 20% revenue growth last quarter, marking its best growth rate since 2022, highlighting its significance in the company's overall performance [1] - The annual re:Invent conference for AWS is taking place in Las Vegas, where major announcements include new AI agent offerings and high-performance chips aimed at enhancing data center efficiency [1] Group 2 - Amazon operates in various sectors, including selling consumer goods and digital content, providing advertising and subscription services, and developing electronic devices [2] - The company also supports third-party sellers and content creators, showcasing its diverse business model [2]

Core Insights - DoorDash (DASH) is experiencing significant growth, with total orders increasing by 21% year over year to 776 million in Q3 2025, driven by a large customer base and enhanced consumer engagement [1][11] Customer Acquisition and Engagement - The company's success in attracting new customers across various categories, including restaurants, grocery, and retail, has been crucial for total order growth [2] - The growth in total orders is also attributed to an increase in monthly active users (MAUs) and the expansion of membership programs like DashPass and Wolt+, which reached record levels in Q3 2025 [3] Strategic Partnerships and Innovations - DoorDash is investing in expanding its partner base to enhance express grocery delivery services, further solidifying its position in the on-demand delivery market [4] - In October, DoorDash announced a partnership with Waymo to test an autonomous delivery service in Metro Phoenix, along with a promotional offer for DashPass members [5] Competitive Landscape - DoorDash faces increasing competition from local food delivery platforms such as Uber Technologies and Amazon, which are also seeking to expand their market presence [6] - Amazon's Prime membership program continues to provide significant advantages in delivery speed and convenience, while Uber's Delivery segment has seen a 29% year-over-year increase in Q3 2025 [7][8] Financial Performance and Valuation - DoorDash's shares have increased by 12.2% year-to-date, underperforming compared to the Zacks Internet - Services industry's growth of 54.1% and the broader Zacks Computer & Technology sector's growth of 21.1% [9] - The company's current Price/Book ratio stands at 8.54, which is higher than the industry's 7.31X, indicating that the shares may be overvalued [12] - For 2025, the Zacks Consensus Estimate for earnings is $2.25 per share, reflecting a 9.27% decrease over the past 30 days but a year-over-year increase of 675.86% [14]

Core Insights - WeShop Holdings Limited's Nasdaq debut positions it as a challenger to Amazon, introducing a model where customers own part of the store, contrasting with Amazon's loyalty through speed and perks [1][2] - WeShop's approach focuses on equity ownership rather than a traditional rewards program, creating a financial relationship with customers [2][3] - The difference in loyalty models—subscription for Amazon versus stake for WeShop—highlights a potential shift in consumer engagement [3] Business Model Comparison - Amazon's Prime offers frictionless shopping through perks, while WeShop incentivizes purchases by granting equity, creating a unique customer engagement loop [2][4] - WeShop leverages social-commerce dynamics similar to successful platforms like Temu and TikTok Shop, but channels user activity into ownership rather than content [4][5] - The concept of "own what you buy" may appeal to younger consumers, posing a strategic risk to Amazon's subscription model [5][6] Market Position and Future Implications - Although WeShop is currently a small player compared to Amazon, its innovative model presents a significant loyalty threat if it resonates with consumers [5][6] - The potential for scaling the shopper-shareholder loop could force Amazon to adapt to a new competitive landscape where customers are also co-owners [6]

Core Insights - The retail sector is facing significant challenges this holiday season due to rising inflation, higher living costs, and the impact of tariffs, leading to cautious consumer spending and contracting profit margins [2][3][21] - E-commerce giants are experiencing record volumes but are struggling with shrinking profits per order, as operational costs rise and consumer conversion rates weaken [5][9][10] - Logistics and supply chain firms are benefiting from increased parcel volumes, with companies like UPS and FedEx reporting higher operational efficiency despite tighter margins [11][12][15] - Fintechs and payment networks are under pressure as consumers face tighter budgets and higher debt, with chargebacks posing a significant risk to profitability [16][18][20] Retail Sector Challenges - Retail sales are forecasted to rise only 3.6%, marking the weakest holiday growth since 2020, with every margin point becoming critical [3][10] - The fallout from tariffs has increased costs for manufacturers and sellers, leading to a contraction in profit margins [2][3] - Consumer debt is climbing, further impacting spending behavior during the holiday season [3][16] E-Commerce Dynamics - E-commerce companies like Amazon, Temu, and Shein are pushing products at scale but face rising overhead costs, including returns and logistics [5][9] - The U.S. Census Bureau reported a 5.3% growth in domestic e-commerce sales in Q2 2025, which is below the double-digit growth rates seen during the pandemic [6] - Decision-making friction among consumers is leading to higher abandonment rates and returns, impacting retail margins [6][8] Logistics and Supply Chain Opportunities - Logistics firms are capitalizing on the increased demand for parcel delivery, with UPS and FedEx reporting higher volumes [11][12] - Automation and smarter logistics strategies are key to maintaining efficiency and profitability in the face of rising costs [13][14] - The reverse-logistics market is projected to reach $1.2 trillion by 2033, as companies turn returns into recurring service contracts [14] Fintech and Payment Network Insights - BNPL (Buy Now Pay Later) transactions are expected to drive $20.2 billion in online spending, reflecting a shift in consumer financing behavior [16] - The Klarna IPO indicates strong investor interest in installment financing, but sustainability of growth amidst rising delinquencies is a concern [17][20] - Chargebacks are becoming a significant cost for merchants, with fees potentially reaching up to $100 per case, impacting overall profitability [18][20] Strategic Focus for Investors - Investors should monitor gross margins, return rates, and fulfillment efficiency as key indicators of company performance heading into Q1 2026 [10][21] - Companies that effectively manage data, logistics, and credit will be better positioned to protect profits in a challenging environment [21]

Core Insights - Amazon's stock price has rebounded significantly, increasing by almost 12% following the earnings report, indicating positive market sentiment [1][4] - AWS has achieved over 20% growth, which is notable given its large sales base, and the retail business is also performing well, particularly during Prime Day [2][22] AWS Performance - AWS's growth rate of over 20% is impressive and reflects the company's ongoing investment in AI and cloud services [2][22] - The company plans to ramp up spending, particularly in AI, to maintain its competitive edge [2][7] Retail Business Strategy - Amazon is expanding its relationships with third-party sellers, which is crucial for competing with traditional retailers like Walmart [3] - The company has successfully absorbed rising tariff costs without passing them on to consumers, resulting in an 11% increase in items sold [12] Consumer Behavior and Pricing - Retail prices have surprisingly not increased year-over-year, but there is an expectation that prices will rise as inventory from before the tariffs is sold through [13][14] - Discretionary items are expected to see higher price increases compared to everyday essentials, which are holding steady [15][16] Prime Day and Customer Engagement - The expansion of Prime Day into a longer event has proven beneficial, reinforcing its role as a marketing tool to keep Prime members satisfied [17][18] - Prime members are perceived to be less sensitive to price increases due to the value they find in the service, which is critical for Amazon's business model [19][21]

Core Insights - Amazon's stock surged after reporting stronger-than-expected Q3 results, alleviating investor concerns about its cloud business and AI capabilities [1][2][4] Financial Performance - Amazon reported an adjusted earnings per share of $1.95 for Q3, a 33% increase year-over-year, surpassing analyst expectations of $1.57 [2] - Total sales for the quarter rose 13% to $180.2 billion, exceeding the forecast of $177.91 billion [2] - AWS sales grew 20% to $33 billion, outperforming the expected $32.4 billion [3] Business Segments - North America retail segment sales increased 11% year-over-year to $106.3 billion, ahead of estimates [7] - Advertising revenue rose 23.5% to $17.7 billion, showing acceleration from previous growth rates [7] Operational Insights - Operating income across all segments remained flat at $17.4 billion, impacted by a $2.5 billion FTC settlement and severance costs [8] - Without these charges, operating income would have increased by 25% to $21.7 billion [8] Future Guidance - Amazon guided for Q4 sales of $209.5 billion and operating income of $23.5 billion, slightly below analyst projections [6] - The company plans to increase capital expenditures to $125 billion for 2025, up from a previous estimate of $100 billion [13] AI and Cloud Strategy - CEO Andy Jassy emphasized AWS's leadership in cloud services and its commitment to AI, stating that AWS has doubled its capacity since 2022 [11] - Amazon's partnership with Anthropic aims to enhance its AI capabilities, with a new data center launched for training AI models [12] Market Reaction - Following the earnings report, Amazon's stock rose over 10% to $247, breaking out from a previous buy point [5]