Amazon’s share price climbed as high as $677.74 Friday.
Amazon’s stock price opened more than 10 percent up Friday after the Seattle tech giant blew past Wall Street expectations in its first quarter earnings Thursday.
Amazon’s stock price opened at $665.55 per share Friday, according to Yahoo Fianance, after closing at $602 per share on Thursday.
The company posted profit nearly double of what analysts expected — $513 million for the quarter, bolstered by its growing cloud-computing business and expansion of subscription service Amazon Prime.
Amazon Web Services, the company’s cloud-computing business, reported its revenue grew 64 percent, as the company continues to invest heavily in the cloud.
Most Read Business Stories
- Instacart shoppers besieged by bots that snatch lucrative orders
- Agency: Nearly 87,000 bogus unemployment claims filed in Washington state
- Alaska Airlines warns nearly 1,600 Washington state employees of COVID-19-driven fall layoffs
- FAA finalizes its plan for the return of Boeing's 737 MAX
- Clorox becomes 'it' brand in world sheltered in place, fearful of virus
Amazon reported revenue of $29.1 billion for the quarter. The stock price shot up as high as $677.74 per share on Friday, and had settled around $660.91 at 7:45 a.m., giving Amazon a market cap of more than $312 billion.
Amazon’s earnings and share price are a bright spot in an otherwise largely dreary market for tech stocks, after several large tech companies reported disappointing earnings for the quarter.
Bellevue-based Expedia was also on the rise Friday. The company’s share price was up nearly 8 percent to $115.49 Friday morning after it reported Thursday that revenue grew 39 percent.