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Shares of Amazon slid 6.8% after hours on Thursday. But David Silverman, senior director at Fitch, said Amazon’s results showed “resilience to broader macro volatility.”

While he said results this year could be muted, he was upbeat on the company longer-term.

“While Fitch expect results to moderate somewhat as 2025 progresses given some pullbacks to both consumer and business spending, the company is well positioned to defend and gain share in a choppy near-term environment given its value positioning and ability to effectively manage through current issues including tariffs,” he said.

“For example, the company’s near term operating margin could be somewhat volatile as it works through an evolving tariff policy but Amazon has strong financial flexibility and customer connections to navigate the current environment,” he added.