Amazon shares surge 14% after earnings smashed Wall Street forecasts
Business
Amazon had a huge day on Friday, with its stock soaring 14%, the biggest single-day leap since 2015.
This happened after Amazon's earnings smashed Wall Street predictions: Revenue hit $206.6 billion (way above the expected $197 billion), and its cloud division AWS grew sales by 37%, pulling in $42.2 billion.
Jeff Bezos net worth reaches $271.5B
Thanks to the stock surge, Jeff Bezos's net worth shot up by $25 billion, landing him at $271.5 billion and moving past Google co-founder Sergey Brin. He's now the world's third-richest person, just behind Larry Page.
Analysts say AWS's growth shows people are confident in Amazon's big bets on AI, even with tech giants worrying about high costs, making Amazon a leader in AI-powered cloud services right now.