Amazon shares jumped 13.5 percent lately following the blowout report of the quarter and it was the biggest ever one-day jump this year. The market capitalization is expected to be around $190 billion.
The online retail giant is now valued at $1.6 trillion. The report revealed profits surpassed the expectations and simultaneously it announced a hike of 17 percent of its US Prime subscriptions.
Apple gained the greatest even one-day jump of $181 billion on January 28. Amazon has overtaken the record with a one-day surge of $190 billion. The surge was witnessed with the plunge of over $200 of Meta Platforms' market value which led to a dismal forecast by the social media.
It is believed the fortunes of Amazon may have a boost this year following a struggle in 2021 when the COVID-19 restrictions were relaxed in phases across the world. The company is positioned uniquely to overcome the crisis and may become one of the beneficiaries in accelerating the digital transformation.
Retail investors are relying on Amazon to take profits and it is learned the company's stock was among the most traded stocks lately. The sell orders were more than the buy orders. Its value eclipsed companies like Netflix, Morgan Stanley and AT&T with respect to market capitalizations.
Meanwhile, Alphabet, Microsoft and Apple remained the most valuable companies on Wall Street with their market capitalization of $1.9 trillion, $2.3 trillion and $2.8 trillion respectively.
The stock price of Amazon was low by about 15 percent compared to that of July 2021 when it was at a record high at $3,731.41.
COVID-19 was first detected in late 2019 in the Chinese city of Wuhan and spread across the world by the first few months of 2020. It led to lockdowns and restrictions. People were forced to remain indoors. Demand for online shopping and streaming services surged. This led to an increase in the value of a couple of tech companies including Facebook, Google and Netflix.