Amazon.com is giving back to the market what Meta Platforms just took away – or at least a large part of it.
The e-commerce giant rose 9.6%, adding more than $135 billion in market value, after climbing as much as 12% at Friday’s open. It would be one of the biggest one-day gains in US stock market history, and comes just a day after Facebook’s parent platforms, Meta Platforms, entered the other end of the record books with a annihilation of 251 billion dollars.
Amazon’s move could come close to Apple’s US record from last week – the iPhone maker added about $179 billion in value the day after its earnings report. The world record for daily market capitalization gain was set by PetroChina, which added $597 billion in a single day in November 2007.
Amazon’s stock price surge came after sales of its cloud computing business beat Wall Street estimates and the company raised the price of Amazon Prime subscriptions, easing some concerns about the impact of the increases. cost on profitability. These factors eclipsed current quarter revenue and operating profit forecasts which fell short of expectations.
Billionaire Jeff Bezos added nearly $20 billion to his personal valuation after Amazon’s windfall earnings.
Amazon had its worst day since March 2020 on Thursday, with Meta’s earnings flop raising fears about the results of other big tech companies. The 7.8% decline in the regular session wiped out $119 billion in market value for the Seattle-based company.