Amazon.com, Inc. (NASDAQ:AMZN) stock fell 0.11% (As on July 4, 4:28:47 AM UTC-4, Source: Google Finance) after Jefferies double upgraded the company to Buy from Underperform with a price target of $23.40, up from $9. The Dutch government announced advanced semiconductor processor export rules last Friday, allowing the export of ASML’s oldest Arf immersion machine, NXT1980Di, the firm notes. An analyst from Wells Fargo has also initiated coverage of Amazon.com at ‘overweight’ with a price target of $159.00.

Meanwhile, for second quarter 2023, net sales are expected to be between $127.0 billion and $133.0 billion, or to grow between 5% and 10% compared with second quarter 2022. This guidance anticipates an unfavorable impact of approximately 30 basis points from foreign exchange rates. Operating income is expected to be between $2.0 billion and $5.5 billion, compared with $3.3 billion in second quarter 2022.

Moreover, net income was $3.2 billion in the first quarter, or $0.31 per diluted share, compared with net loss of $3.8 billion, or $0.38 per diluted share, in first quarter 2022. Operating cash flow increased 38% to $54.3 billion for the trailing twelve months, compared with $39.3 billion for the trailing twelve months ended March 31, 2022. Free cash flow improved to an outflow of $3.3 billion for the trailing twelve months, compared with an outflow of $18.6 billion for the trailing twelve months ended March 31, 2022. Net sales increased 9% to $127.4 billion in the first quarter, compared with $116.4 billion in first quarter 2022. Excluding the $2.4 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 11% compared with first quarter 2022. North America segment sales increased 11% year-over-year to $76.9 billion. International segment sales increased 1% year-over-year to $29.1 billion, or increased 9% excluding changes in foreign exchange rates. AWS segment sales increased 16% year-over-year to $21.4 billion. Operating income increased to $4.8 billion in the first quarter, compared with $3.7 billion in first quarter 2022. First quarter 2023 operating income includes approximately $0.5 billion of charges related to estimated severance costs. North America segment operating income was $0.9 billion, compared with operating loss of $1.6 billion in first quarter 2022. International segment operating loss was $1.2 billion, compared with operating loss of $1.3 billion in first quarter 2022. AWS segment operating income was $5.1 billion, compared with operating income of $6.5 billion in first quarter 2022.