Billionaire Investor Mark Cuban Says the Tech Giant is ‘Ultimate Start-Up’
Amazon.com, Inc. (NASDAQ:AMZN) is an impressive company. Shares of the tech behemoth are up over 28% so far this year. During the last 12 months, the stock has surged more than 42.64%. Billionaire investor Mark Cuban is bullish on the e-commerce and cloud computing company. He upped his holdings in Amazon and believes that the company’s potential for global growth is “enormous.”
Cuban said on CNBC that Facebook, Amazon, Netflix and Google – called FANG stocks – are undervalued but the opportunity for Amazon is “especially large.”
“It’s the ultimate [artificial intelligence] company, it’s the ultimate start-up,” Cuban said. The investor said that the online retailer has learned the art of pre-emptive selling.
“When Amazon talks about opening up grocery stores, it’s not because they want to sell groceries in stores. It’s the same with bookstores. It’s because they want to know what you need, when you need it, before you know you need it so they can deliver it right to your door in anticipation,” Cuban said.
Cuban owns the NBA’s Dallas Mavericks, Landmark Theatres, and Magnolia Pictures. He is also chairman of cable network AXS.
Amazon.com, Inc. (NASDAQ:AMZN) reported impressive financial results for the first quarter of fiscal year 2017. It posted net income of $724 million in the first quarter, up 41% from $513 million in the same quarter a year ago. Revenue was $35.7 billion, versus $29.1 billion a year ago. Amazon Web Services reported a sales growth of 43% year-over-year, while the company’s North American online platform posted a year-over-year revenue growth of 24%. The online retailer a 16% increase in its international e-commerce sales.
Amazon is pushing hard into the world’s big markets including India. The company sees tremendous opportunities in Asia. It plans to invest billions of dollars to build to expand its presence in India.
Meanwhile, shares of Amazon.com, Inc. (NASDAQ:AMZN) closed up 1.45% on Friday. The stock has gained over 30% during the last six months.
Disclosure: I do not own any Amazon shares.
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