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Amazon.com, Inc AMZN Chair Jeff Bezos is expecting stormy weather in the economy and wants to “batten down the hatches.”
What Happened: Bezos, who founded the e-commerce behemoth way back in 1994, tweeted a CNBC interview with Goldman Sachs Group Inc GS CEO David Solomon on Wednesday.
Bezos echoed Solomon’s warning on the economy. He said, “the probabilities in this economy tell you to batten down the hatches.”
Yep, the probabilities in this economy tell you to batten down the hatches. https://t.co/SwldRdms5v
— Jeff Bezos (@JeffBezos) October 18, 2022
Solomon can be heard saying in the video, “I think it’s a time to be cautious and I think if you’re running a risk-based business it’s a time to think more cautiously….about your risk appetite.”
See Also: How To Invest In Best Blue Chip Stocks
Why It Matters: Goldman Sachs reported third-quarter earnings on Tuesday. The global investment banking company beat estimated earnings by 7%, reporting earnings per share of $8.25, compared with a Street estimate of $7.71.
This week, Goldman Sachs said it was pulling back on its consumer business and announced a merger of its trading and investment banking arms, reported Reuters.
Amazon is scheduled to release its third-quarter earnings next Thursday, with Wall Street estimating an EPS of $0.22, according to Benzinga data.
Read Next: Amazon Fined By Russia For Failing To Remove Content About Drug Use, Suicide
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Image and article originally from www.benzinga.com. Read the original article here.