It hasn't been easy to be an Amazon (NASDAQ: AMZN) investor in recent years, with its shares experiencing dramatic peaks and valleys almost annually. COVID-19 lockdowns sent its stock soaring in 2021 as its retail site became a shopping haven for homebound consumers. Then, an economic downturn in 2022 led Amazon's shares to plunge 50%, losing everything it had gained the year before.
However, the roller coaster appears to be over. Amazon's stock skyrocketed 81% in 2023 thanks to a return to profitability in its e-commerce business and growing potential in artificial intelligence (AI). Easing inflation and excitement over tech stocks have kept the market stable, with now an excellent time to consider investing in this retail giant.
Macroeconomic headwinds forced Amazon to introduce a range of cost-cutting measures that have put the company in better financial health than it's seen in years. Meanwhile, the company is profiting from solid positions in multiple high-growth markets.
Source Fool.com