Amazon Shares Surge to Biggest Increase in Seven Years
- Results propelled by cloud division, price hike for Prime
- Wall Street relieved after company warned of holiday costs
This article is for subscribers only.
Amazon.com Inc. shares surged Friday to the biggest increase in almost seven years, generating the largest single-day gain in market value in U.S. history.
Wall Street’s enthusiasm over Amazon was spurred by the tech giant’s earnings report Thursday afternoon, which showed strong performance in its cloud division, a huge boost in profit largely driven from an investment in Rivian Automotive Inc., and a price hike in its flagship Prime membership offering. The shares rose 14% to $3,152.79 at Friday’s close in New York, the best single-day advance since April 2015. The jump added about $191 billion in market value, giving the online retail giant a market capitalization of just more than $1.6 trillion.