Strong sales numbers for Amazon's cloud division also helped push the stock higher.
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily.
AdvertisementAdvertisementAmazon's market cap looked set to surge Friday after the online retail giant's third-quarter earnings beat Wall Street's expectations.
If those gains hold up until the closing bell, Amazon's value will swell by about $60 billion to $1.3 trillion, per Insider's calculations.
"Thin margins in Amazon's retail business makes cloud so much more important than it does for the other tech companies, whose broader business models are a lot less capital intensive."
Persons:
—, Wall, Hargreaves, Sophie Lund, Yates
Organizations:
Service, Amazon, LSEG, AWS, Microsoft