Tuesday, March 28

Amazon shoots up 12% on the Nasdaq and in a single day earns $150 billion

Amazon’s move could approach 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 gain in market capitalization was set by PetroChina, which added $597 billion in one day in November 2007, according to Bloomberg.

Amazon’s stock price surge comes after sales in its cloud computing business beat Wall Street estimates and the company raised the price of Amazon Prime subscription, alleviating some concerns about the impact of cost increases on profitability. These items overshadowed sales and operating profit projections for the current quarter, which fell short of expectations.

Amazon suffered its worst day since March 2020 on Thursday. as disappointing results from Meta raised fears about the results of other big tech companies. The 7.8% drop in the regular session erased $119 billion in market value from the Seattle-based company.