A day after Facebook owner Meta Platforms suffered the deepest loss of stock market value in the history of a US company, Amazon posted the biggest one-day increase in value ever.
Shares of the online retail and cloud computing giant rose 13.5% on Friday after its blazing quarterly report, expanding its market capitalization by about $190 billion by the end of trading.
The iPhone maker beat Apple Inc’s one-day gain of a record $181 billion in stock market value on January 28 after its blockbuster quarterly report, according to Refinitiv data.
Amazon is now worth about $1.6 trillion. Meta Platforms’ stock was down 0.3% on Friday, with its value at about $660 billion.
Amazon shares jumped after the company reported better-than-expected profits late Thursday and said it was raising the price of its annual US Prime subscription by 17%.
Amazon’s jump comes a day after the social media giant issued a disappointing forecast after the stock market value of Meta Platforms plunged more than $200 billion in the biggest single-day loss for a US company.
“After battling the post-lockdown blues in 2021, we believe Amazon’s fortunes have the potential to improve as 2022 unfolds,” Monnes Crespi Hardt analyst Brian White wrote in a research note. “Amazon is uniquely positioned to get out of this crisis by being the biggest beneficiary of accelerated digital transformation.”
Retail investors appeared to be using Amazon’s rally to take profits. Amazon was the most-traded stock among its customers on Friday, data from Fidelity’s website showed, with sell orders outnumbering buy orders by more than two.
According to Refinitiv, Alphabet Inc., which owns Apple, Microsoft Corp and Google, are Wall Street’s most valuable companies, with market capitalizations of $2.8 trillion, $2.3 trillion and $1.9 trillion, respectively.
Amazon’s share price is down nearly 25% from its record high of $3,731.41 in July.
get all IPL news and cricket score Here