Amazon Value Tops $1 Trillion After Results Beat Expectations
- One-day delivery, cloud business seen as key bright spots
- Amazon up 9.9% as analysts raise targets on strong quarter
Photographer: Beata Zawrzel/Getty Images
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Amazon.com Inc.’s valuation briefly topped $1 trillion on Friday after its results beat expectations, with analysts applauding the popularity of the e-commerce giant’s one-day shipping initiative and the performance of its cloud-computing business.
Shares surged as much as 9.9% in their biggest intraday gain since 2017 before paring back gains to trade below the $1 trillion threshold. The stock hit a record high after reporting what Robert W. Baird & Co. analysts called an “impressive quarter from top to bottom.” Goldman Sachs analysts pointed out that it was the first time the company beat the upper end of its revenue guidance since the first quarter of 2018.