Amazon: Recession? What Recession?

If we’re in a recession, you wouldn’t know it from looking at Amazon.com’s (AMZN) June quarter results.

Amazon shares are up sharply in an otherwise ugly market Thursday morning, propelled onward by some gushing post-earnings commentary from the Street. The key points: The company’s revenue in the June quarter actually accelerated from the March quarter, despite a weakening economy. Some analysts credit Amazon for this; other say it suggests increased consumer reliance on online shopping. Skeptics think Amazon can’t hold off economic pressures forever, and the bears think the stock is simply too expensive. But clearly, today belongs to the Amazon longs.

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