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Amazon.com Inc. gave back to the market what Meta Platforms Inc. took away – or at least a large part of it.

Shares of the e-commerce giant jumped 14% on Feb. 4, adding about $191 billion in market value, after investors applauded its fourth-quarter earnings report. The advance was the biggest single-day gain in U.S. stock market history, coming just a day after Facebook parent company Meta Platforms entered the other end of the record books with a annihilation of 251 billion dollars.

Amazon’s move surpassed the previous U.S. record set by Apple Inc. last week when the iPhone maker added about $179 billion in value the day after its earnings report. The world record for daily market capitalization gain was set by PetroChina Co., which added $597 billion in a single day in November 2007.

Amazon’s stock price surge came after sales of its cloud computing business beat Wall Street estimates and the company raised the price of Amazon Prime subscriptions, easing some concerns about the impact of the increases. cost on profitability. These factors eclipsed current quarter revenue and operating profit forecasts which fell short of expectations.

On Feb. 3, Amazon had its worst day since March 2020 as Meta’s earnings flop raised fears about the results of other big tech companies. The 7.8% drop in the Feb. 3 regular session wiped out more than $110 billion in market value for the Seattle-based company. Even with the Feb. 4 rally, Amazon’s stock price is only back to where it was trading on Jan. 18 and down 16% from its July 2021 record.

Amazon.com Inc. ranks 22nd on the Transport Topics Top 100 list of the largest private carriers in North America.

— With help from Shikhar Balwani, Jan-Patrick Barnert, Thyagaraju Adinarayan and Beth Mellor.

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