Amazon stock soars on good earnings.
$Amazon (AMZN.US)$ reported strong fourth-quarter results on Thursday, driven by strong growth in both its AWS cloud unit and its growing advertising business.
The results could be a relief to some investors given the weak numbers on Wednesday from Facebook-parent Meta Platforms.Amazon shares jumped 18% in after hours trading, more than reversing a nearly 8% decline in the day’s regular session. Even with the after hours rally, the stock is down slightly for the year to date.
Amazon also said it is increasing the price of its Amazon Prime membership for the first time since 2018. Amazon will now charge $14.99 a month, up from $12.99, or $139 on an annual basis, up from $119. The increased will be effective on Feb. 18. for new members, and starting March 25 for current members on the date of their renewal.
The results could be a relief to some investors given the weak numbers on Wednesday from Facebook-parent Meta Platforms.Amazon shares jumped 18% in after hours trading, more than reversing a nearly 8% decline in the day’s regular session. Even with the after hours rally, the stock is down slightly for the year to date.
Amazon also said it is increasing the price of its Amazon Prime membership for the first time since 2018. Amazon will now charge $14.99 a month, up from $12.99, or $139 on an annual basis, up from $119. The increased will be effective on Feb. 18. for new members, and starting March 25 for current members on the date of their renewal.
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