Shares in technology giant Amazon have soared after it revealed a huge jump in net income.
The group is also raising the price of its annual Prime subscriptions in the US, as it looks to offset higher costs for shipping and wages.
Reuters reports that shares in the American company rose as much as 17% in extended trade yesterday.
If shares remain at that level today, it would be the stock's biggest percentage gain since October 2009 - and grow the wealth of founder Jeff Bezos by about $20billion (£14.7billion).
But, in sharp contrast, it has not been a good week for Facebook's owner Meta Platforms, which saw its stock market value slump by more than $230billion (£169billion) on Thursday, in a record daily loss for a US firm. Its shares fell 26.4% after quarterly figures disappointed investors. The slide meant chief executive Mark Zuckerberg's net worth plummeted by $31billion (nearly £23billion).
For the last quarter of 2021, Amazon earned $14.3billion (£10.51billion) - double its net income from a year earlier.
FTSE 100
The FTSE 100 enjoyed a buoyant start this morning, up 58 points at 8.15am, with energy stocks rising amid high gas prices.
The early rises recovered ground lost on Thursday after the rise in the British interest rate to 0.50%, cuts to the UK growth forecast and inflation warnings across Europe.
More bad news on the UK interest rate for borrowers is expected in the months ahead.
The City has bet on two further interest rate rises in early 2022. A 91.5% chance has been priced in that the rate will go up by another 0.25% in March, followed by a move to a 1% rate in May.
Companies reporting today
- Trading update: SSP Group