Why did Amazon shares surge on Friday? Better than feared earnings
Teamjackson

Amazon (NASDAQ:AMZN) shares marked a strong gain on Friday after the company reported strong top-line growth and guidance that overcame concerns on bottom line noise.
Shares of the Seattle-based cloud and eCommerce giant gained over 10% on the day to close at $134.95 per share, only slightly tempering gains from an intraday high of $137.25.
For the reported quarter, net sales increased 7% to $121.2B, pushing comfortably past the analyst consensus by $2.04B, led by a 33% gain in AWS sales and surprisingly strong performance in advertising. Meanwhile, a $2B net loss for the quarter was largely explained away by one-time charges. Namely, the company took a $3.9B charge related to its stake in Rivian Automotive (RIVN). 
âDespite inflationary pressures, a tight labor environment, and suboptimal fixed cost leverage, Amazon delivered strong second quarter results that benefited from elevated levels of consumer demand and better optimization of its fulfillment Network,â Wedbush analyst Michael Pachter wrote in his assessment of the results. âLonger-term, Amazon should benefit from steady margin expansion driven by the rapid growth of its cloud and advertisement businesses.â
Read more on Amazonâs impact on ETFs as the stock soared on Friday.