Amazon, which boosted the confidence of investors by increasing its Prime membership fee, jumped by 13.8 per cent on Friday.
Shares of the e-commerce company were trading at $3,160.5 a share at market close on Friday and shares jumped almost 17 per cent in after-hours trading on Thursday after the company reported strong earnings on robust cloud revenue and gains from its Rivian stake.
The company’s net income in the fourth quarter of last year almost doubled to $14.3 billion as it gained almost $12bn from its investment in electric vehicle company Rivian.
“The Nasdaq was boosted after yesterday’s flawless Amazon earnings report,” said Edward Moya, senior market analyst for the Americas at Oanda.
“Amazon delivered strong eps [earnings per share] … reported a $12bn gain from their bet on Rivian and raised their annual Prime membership prices. Investors care about cloud growth and future profits and Amazon’s earnings report had all those boxes checked off,” Mr Moya added.
The US e-commerce company has increased the Prime membership rate to balance higher shipping costs and wages. It is raising the US monthly fee of Prime to $14.99 from $12.99, with annual membership increasing to $139 from $119, the company said.
Overall tech stocks and music streaming companies edged higher on Friday after the Meta rout on Thursday.
Snap, which owns social media platform Snapchat, soared almost 50 per cent to $39.1 a share at market close on Friday. It reported its first quarterly net income of $22.5 million during the October-December period and higher growth outlook on Thursday.
Abu Dhabi Global Market-headquartered Anghami, which listed on New York’s Nasdaq on Thursday, rose almost 25 per cent to more than $12.14 a share on Friday.
Anghami, the music streaming rival of Spotify in the Mena region, has become the first Arab technology company to be listed on Nasdaq. It has more than 75 million users in Europe, the US and the Mena region.
Stockholm-headquartered Spotify rose more than 7 per cent to $174.4.
Facebook’s parent company Meta dropped on Friday to trade at $237.09 a share.
The company’s stock dropped more than 25 per cent yesterday, wiping out more than $200bn in the biggest ever single-day market value erase for a US company. It led to the company’s billionaire chief executive and founder Mark Zuckerberg losing $29bn in his net worth in a single day.
California-based iPhone maker Apple ended at $172.39 per share while Google’s parent firm Alphabet ended at $2,865.86.
Industry analysts said it could be a “bumpy ride” for tech stocks in the coming days.
“It is going to continue to be a bumpy ride for the tech space, as we have seen this past month," Craig Erlam, senior market analyst at Oanda for the UK, Europe , Middle east and Asia, told The National.
"These periods of risk aversion have hit the sector hardest and with markets continuing to price in higher rates, that may be sustained for a little time yet,” Mr Erlam added.
Electric vehicle companies were up on Friday.
The world’s biggest EV maker Tesla was trading 2.3 per cent higher at $932.3 while Chinese EV manufacturer Nio rose 3 per cent to $23.9 a share.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
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UAE currency: the story behind the money in your pockets
SCORES
Yorkshire Vikings 144-1 in 12.5 overs
(Tom Kohler 72 not out, Harry Broook 42 not out)
bt Hobart Hurricanes 140-7 in 20 overs
(Caleb Jewell 38, Sean Willis 35, Karl Carver 2-29, Josh Shaw 2-39)
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
More on Quran memorisation:
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
