(Reuters) - Shares of Amazon.com Inc rose 16 percent in premarket trading on Friday, after the world's largest Internet retailer reported a surprise increase in gross margins, prompting a slew of price target increases by analysts.
Shares of Amazon.com Inc rose 16 percent in premarket trading on Friday, after the world's largest Internet retailer reported a surprise increase in gross margins, prompting a slew of price target increases by analysts.
Amazon.com Inc's shares surged 18 per cent in premarket trading on Friday, adding more than $44 billion to the company's market value, after strong growth in the company's cloud business drove a surprise quarterly profit. The jump in shares, setting up the stock for its best trading day in five years, takes Amazon's market capitalization to about $270 billion, overtaking Wal-Mart Stores Inc.
NEW YORK: It's official: Amazon is bigger than Wal-Mart. Amazon shares surged 15 per cent on Friday after the e-commerce powerhouse reported a surprise second-quarter profit and a better-than-expected 20 percent jump in revenue. The sharp increase in shares brought Amazon's market value to $259.1 billion, more than its biggest rival, Wal-Mart Stores Inc., signaling a sea change in retailing. Amazon, which just turned 20, is now valued higher than the world's largest retailer. Bentonville, Arkansas-based Wal-Mart Stores is valued at about $231.7 billion.
Amazon.com Inc swung to an unexpected quarterly profit on higher sales in North America, its popular Prime subscription service and growing demand for its Web services, sending the online retailer's shares up more than 17 percent. Amazon also forecast third-quarter revenue above estimates. Sales in North America, the company's biggest market, rose 25.5 percent to $13.8 billion in the second quarter from a year earlier, helped by strong demand for electronics and general merchandise.
NEW DELHI: Japanese consumer goods manufacturer Sansui has decided to go online only in a big way in India and will sell its air-conditioners and certain models of televisions and refrigerators exclusively through Flipkart. "Last month we saw a 25% decline in sales in offline stores and three-digit growth in sales through Flipkart. So we have decided to sell all air-conditioners and some models of refrigerators and televisions only online," said Amitabh Tiwari, chief operating officer (COO) of Sansui.
Goldman Sachs Group Inc (GS) analyst Jami Rubin has increased the price target on AbbVie Inc (ABBV) stock from $68 to $73, citing strong margins for its third quarter of the year.
The company had announced its third-quarter (3QFY14) financial performance before the market opened on Friday. Third-quarter revenues for AbbVie showed a year-over-year (YoY) increase of 7.8% and the bottom line showed a YoY growth of 8.5%.
Exxon Mobil Corp, the world’s largest publicly traded oil company, on Friday reported a higher-than-expected 6% increase in quarterly profit on stronger results at its chemical and refining businesses.
The Irving, Texas company said profit in the fourth quarter was $9.95 billion, or $2.20 per share, compared with $9.4 billion, or $1.97 per share, in the same period a year earlier.
Analysts on average expected a profit of $2.00 per share, according to Thomson Reuters I/B/E/S.
SAN FRANCISCO (Reuters) - Amazon.com Inc said on Tuesday that fourth-quarter revenue jumped 22 percent to $21.27 billion as the world's largest Internet retailer grabbed a big share of online spending during the crucial holiday period.