On AMZN, retail is flat and AWS carries the story. The valuation hangs on the cloud line and its margin, not on the quarter’s basket.
A stronger basket with a weaker AWS is the worse mix for this print. The other way around, flat retail can be enough if the cloud line holds the margin.
The desk separates the two segments before it reads group sales. The note is not a target.
What the desk is watching
- Retail flat
- AWS carries the valuation
- Read group sales last