Media dubs e-commerce giant the ‘anti-Facebook’ after the social media site’s historic one-day drop the day before
US e-commerce giant Amazon gained a record $190 billion in market capitalization on Friday, which is the biggest single-day increase in a company’s stock market value in US history, Refinitiv data shows.
The company’s shares soared 13.5% after Amazon posted a blockbuster quarterly report late Thursday and said it would raise the price of its annual US Prime subscriptions by 17%. The market rally propelled Amazon’s overall value to around $1.6 trillion and allowed it to beat the previous record-holder, Apple, which logged a $181 billion one-day gain last month after its own quarterly report.
The surge in Amazon’s capitalization overshadowed the value of Wall Street darlings such as AT&T and Netflix. It also came one day after Facebook owner Meta Platforms’ stock lost nearly $200 billion in market value, posting the largest single-day loss for a US company on record. Meta’s nosedive followed the social media giant’s gloomy forecast for fiscal 2022. Meta slid around 0.3% more on Friday, ending the day at an estimated value of about $660 billion.
Despite the massive gain, Amazon did not make Wall Street’s top-three most valuable companies. Apple, Microsoft, and Google owner Alphabet keep the top spots, with respective market capitalizations of $2.8, $2.3, and $1.9 trillion.
