Amazon achieved the greatest ever one-day increase in worth a day after Facebook owner Meta Platforms suffered the largest ever one-day loss of stock market value for a US firm.
Following its spectacular quarterly report, shares of the online retail and cloud computing behemoth soared 13.5 percent on Friday, boosting its market valuation by nearly $190 billion by the close of trade.
According to Refinitiv statistics, this surpassed Apple Inc.’s record $181 billion one-day rise in stock market value on Jan. 28 following the iPhone maker’s own blockbuster quarterly report.
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%.
Amazon is currently worth roughly $1.6 trillion. On Friday, Meta Platforms’ stock fell 0.3 percent, putting its market capitalization at $660 billion.
Amazon’s rise came just one day after Meta Platforms’ stock market value plummeted by more than $200 billion, the worst single-day loss for a US corporation after the social network behemoth published a bleak prognosis.
In a research note, Monness Crespi Hardt analyst Brian White said, “After fighting the post-lockdown blues in 2021, we believe Amazon’s fortunes have the potential to recover as 2022 unfolds.” “Amazon is in a great position to emerge from this crisis as one of the major benefactors of a digital revolution.”
Retail investors looked to win from Amazon’s surge. On Friday, according to data on Fidelity’s website, Amazon was the most actively traded stock among its users, with sell orders outnumbering buy orders by more than two to one.
Amazon’s gain in value dwarfed the market capitalizations of AT&T Inc, Morgan Stanley, and Netflix Inc.
According to Refinitiv, Apple, Microsoft Corp, and Google owner Alphabet Inc are the most valuable businesses on Wall Street, with market capitalizations of $2.8 trillion, $2.3 trillion, and $1.9 trillion, respectively.
The stock price of Amazon is still down roughly 15% from its record high close of $3,731.41 in July.
