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HomeBUSINESSAmazon surges with record $190 billion gain in value

Amazon surges with record $190 billion gain in value

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.

Wall Street's largest daily market cap changes
Wall Street’s largest daily market cap changes

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%.

The logo of Amazon is seen at the company logistics center in Boves, France, August 8, 2018. REUTERS/Pascal Rossignol/File Photo
Amazon logo

Amazon’s surge comes a day after Meta Platforms’ stock market value plunged more than $200 billion in the biggest single-day loss for a U.S. company after the social media giant issued a dismal forecast.

“After fighting the post-lockdown blues in 2021, we believe Amazon’s fortunes have the potential to improve as 2022 unfolds,” Monness Crespi Hardt analyst Brian White wrote in a research note. “Amazon is uniquely positioned to exit this crisis as one of the biggest beneficiaries of accelerated digital transformation.”

Retail investors appeared to use Amazon’s rally to take profits. Data on Fidelity’s website showed Amazon was the most traded stock among its customers on Friday, with sell orders outnumbering buy orders by more than two to one.

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