Tech Mania: Meta Stock Has Best Day In A Decade As Amazon Shares Hit 2-Year High

Meta and Amazon experienced a surge in their stock prices on Friday, reaching levels not seen in years as both companies reported outstanding earnings. This represents a significant turnaround for the tech giants, who hit their lowest points in 2022, while some of their fellow big tech stocks were pushed to the periphery.

After his company posted impressive earnings, Mark Zuckerberg's net worth has surged by billions of dollars.

On Friday, Meta stock soared by more than 20% and hit a new all-time high of $474.99 per share. This was the biggest daily increase since July 2013, and was due to investors analyzing the company's earnings report released on Thursday. The report showed that Meta had exceeded revenue and profit expectations, and also revealed that the company would pay its initial cash dividend payments to stockholders.

Amazon experienced a modest increase of 8% to surpass $170, which is its most elevated cost adjusted for division since 2021 December. The rise can be attributed to the publication of its quarterly report, which revealed that the company had exceeded market anticipations. Additionally, their forecast for the immediate future exceeded expectations as well.

FactSet data reveals that Meta's and Amazon's shares have risen by 31% and 12% respectively, since the start of the year.

The billionaire creators of Meta and Amazon became even wealthier on Friday thanks to the surge in their companies' stocks. Jeff Bezos, who is the founder and chairman of Amazon, saw his net worth increase by $12 billion to $194 billion, according to our estimates. This puts him only $5 billion away from Elon Musk, who is currently the richest American. Meanwhile, Mark Zuckerberg, who is the CEO of Meta, saw his fortune soar by $28 billion to $167 billion. This puts him ahead of Larry Ellison, the CEO of Oracle, and into the position of the fourth-richest person in the world.

On Friday, some of the biggest tech stocks faced a decline. Apple's shares dropped by 2% due to a disappointing earnings report, which cited weak sales in China. This has led to a 4% year-to-date stock loss for the iPhone maker. Bernstein analyst Toni Sacconaghi attributed Apple's "sluggish growth" to its stock price decline in the short term. Other tech giants, such as Google's parent company, Alphabet (down 2%), and Tesla (down 3%), also saw a decrease in shares. This indicates a division among the "magnificent seven" stocks that drove market gains in 2023. While Nvidia (up 34%), Meta (up 31%), Amazon (up 12%), and Microsoft (up 9%) have seen year-to-date gains, Alphabet (down 1%), Apple (down 5%), and Tesla (down 26%) have all suffered losses. Overall, each of these stocks saw an increase of at least 30% in 2023, outperforming the S&P 500.

Further news from Forbes reveals that Zuckerberg's focus on efficiency has resulted in the greatest profits the company has ever seen.

Additional news from Forbes shows that Amazon's profits have increased after exceeding projected revenue expectations. This update was provided by Antonio Pequeño IV.