Amazon stock price jumps 19% in post-market trading as company announces Prime membership price hike
Amazon led the gains, jumping 19% after the e-commerce giant reported better-than-expected earnings and said it would raise the price of a Prime subscription.
Bloomberg: The Nasdaq 100 index was poised for a rebound on Friday as strong earnings at Amazon.com Inc., Snap Inc. and Pinterest Inc. helped ease fears after the Meta Platforms Inc stock market crash.
The Invesco QQQ Trust Series 1, the largest exchange-traded fund that tracks the Nasdaq 100, jumped as much as 2.2% in post-trade trading. Amazon led the gains, jumping 19% after the e-commerce giant reported better-than-expected earnings and said it would raise the price of a Prime subscription.
Snap soared 56% and Pinterest jumped 17% after their earnings said Meta results did not bode well for a broader social media downturn. Admittedly, these gains came on the heels of a huge sell-off in the regular session that saw Meta post the biggest collapse in value in US stock market history. Snap closed 24% and Pinterest lost 10%, while the broader Nasdaq 100 fell 4.2%, the most since September 2020.
Even with Thursday’s after-hours rebound, shares of Amazon and Snap had only returned to the levels they last traded in mid-January, showing the extent of the the recent massive sale.
The post-market rally affected several other companies that did not report results, including Etsy Inc. (+7.1%), DoorDash Inc. (+7.3%), Snowflake Inc. (+4.2 %) and Airbnb Inc. (+2.9%) .