Jim Cramer: Amazon Profits Amazing But Stock Pricey

Amazon posted an impressive quarter, but the shares are getting pricey and may take a breather, says Jim Cramer

Author:: Jim Cramer
Publish date:: Jul 29, 2016 11:08 AM EDT

Amazon (AMZN) - Get Report posted an impressive quarter, but the shares are getting pricey and may take a breather, said TheStreet's Jim Cramer. Amazon reported quarterly revenue of $30.4 billion and profit of $1.78 a share. Wall Street was anticipating revenue of $29.55 billion of revenue and earnings of $1.11. It was Amazon's fifth consecutive profitable quarter. Amazon's cloud computing business, Amazon Web Services (AWS), reported revenue of $2.9 billion, representing a 58 percent increase from a year earlier. Amazon said it expects third quarter revenue of $31 billion to $33.5 billion, ahead of analysts' expectations of $29.55 billion.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.