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Amazon reports earnings after the bell on Thursday, and professional investors have high hopes for the company. But millennial investors on Main Street aren’t so optimistic.
According to data from Robinhood, the stock investing app popular with millennials, young investors have been selling shares of Amazon 3% more than they have been buying them. Before the first quarter earnings, millennial investors bought 29% more than they sold.
Amazon ranks as the 15th most popular stock among Robinhood’s users. For comparison, Whole Foods ranks at number 51 and Walmart is ranked number 54.
Wall Street investors are expecting adjusted earnings per share of $3.04 on revenue of $37.2 billion, according to Bloomberg data. Amazon has beat analyst estimates in four of the last five quarters.
Amazon shares are slightly lower on Thursday, down 0.55% at $1,047.
Earlier in the day, Amazon CEO Jeff Bezos became the richest person in the world. Depending on how Amazon performs after it releases earnings, Bezos could keep that crown.
Amazon’s Prime Day shopping holiday was this quarter, and sales were expected to top $1 billion during the 30 hour holiday.
Amazon has been on a tear this year, up 39.92%.
- Markets Insider