The internet sector faces 'multiple challenges,' but that's not to say there isn't 'ample opportunity' in this part of the market
The internet sector faces “multiple challenges,” but that’s not to say there isn’t “ample opportunity” in this part of the market.
Citi Research analysts see “long-term secular advantages and tailwinds” in numerous parts of the internet subsector, including e-commerce, they wrote in a note to clients late Monday. “We recognize the demand challenges facing Amazon’s retail business given macro, slowing AWS growth, and lower operating income,” the analysts wrote, referring to the company’s AWS cloud-computing business. “But we also believe Amazon can gain wallet share during these uncertain times and that adoption of AWS can accelerate through improved operating efficiencies, and hiring freezes can deliver improving operating income.
The company’s “advertising platform is rebuilt for a post-IDFA environment and demand for newer ad products like Reels, Click-To-Message, and Advantage+ attract incremental advertising dollars,” they added.
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