After yesterday’s earnings report, Facebook is now worth more than Amazon.
Facebook’s shares hit an all-time high in after-hours trading at $75. Price has been very stable this morning as well, confirming yesterday’s pop. Shares opened at $75.96 a share, then set a new record at $76.74. Now, shares are trading at $75.13.
In other words, Facebook’s market capitalization is now around $190 billion, which is above Amazon’s market capitalization of $165 billion.
With $2.91 billion in revenue and earnings of $0.42 per share, the company beat the analysts’ expectations. When you see Facebook’s earnings chart, it seems like there is no end in sight. Facebook is a great example of a tech company that has performed very well since going public.
It could have bigger consequences on the stock market. Investors could become bullish on other tech stocks due to Facebook’s good performance.
At the moment, Facebook is worth more than Amazon, around half of Google and Microsoft. It is now worth more than eight times Twitter.
Credit: TC
