Why did Amazon stock surge today? AWS strength and Prime price hike
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Amazon (NASDAQ:AMZN) soared in Friday trading after the e-commerce giant's price hike for the Prime service and strong AWS numbers impressed investors.
The tech giant reported a jump in profit to $14.3B in Q4 from $7.2B a year ago, with an $11.8B pre-tax gain on the AMZN stake in Rivian Automotive being a major factor. Operating income for the quarter also impressed at $3.5B.
"As expected over the holidays, we saw higher costs driven by labor supply shortages and inflationary pressures, and these issues persisted into the first quarter due to Omicron. Despite these short-term challenges, we continue to feel optimistic and excited about the business as we emerge from the pandemic," said CEO Andy Jassy on the results.
On Wall Street, J.P. Morgan lifted its price target on Amazon (AMZN) to $4,500. Barclays also came in with a higher price target on AMZN of $4,400. Elsewhere, UBS hiked its price target on AMZN to $4,625 and Credit Suisse took its PT to $4,100.
Dig into the full Amazon (AMZN) earnings presentation.