After the Facebook’s Meta Platforms (FB.O) suffered the deepest loss of stock market value in history for a U.S. company, Amazon logged the greatest ever one-day increase in value.
Consequentially, Shares of the online retail and cloud computing giant surged 13.5% on Friday following its blowout quarterly report, expanding its market capitalization by around $190 billion by the end of trading.
That beat Apple Inc’s (AAPL.O) record $181 billion one-day gain in stock market value on Jan. 28 following the iPhone maker’s own blockbuster quarterly report, according to Refinitiv data.
Amazon is now valued at about $1.6 trillion. With Meta Platforms’ stock slipping 0.3% on Friday, its value stood at about $660 billion.
Trait News has learnt that Amazon’s shares jumped after the company reported better-than-expected profits late on Thursday and said it was hiking the price of its annual U.S. Prime subscriptions by 17%.