July 27, 2018
While top tech rival Facebook faces the aftermath of the biggest loss in Wall Street history, shares of Amazon marched higher Thursday after it bested analysts’ expectations.
Amazon’s quarterly profit soared past $2 billion for the first time, bolstered by continued growth in its online shopping, cloud computing and advertising businesses.
Shares of Amazon surged 3.5% to $1,872 in after-hours trading on the back of the outperforming results.
Its stock is already up nearly 72 percent in the last year, and Amazon is getting closer to surpassing Apple as the world’s most valuable company, potentially surpassing the iPhone maker in the race to reach a $1 trillion valuation.
This article was posted: Friday, July 27, 2018 at 6:17 am