Nasdaq Rises as Amazon Surges Past Expectations

The Nasdaq Composite Index rose by 1% as Amazon's stock surged 15.32% following its earnings report, while Apple and Micron Technology saw their shares fall.

Amazon's impressive quarterly results revealed a 37% year-over-year increase in AWS revenue to $42.232 billion, exceeding market expectations of $40.54 billion. The company's operating profit from the segment reached $16.621 billion, accounting for approximately 60% of its total operating profit.

Meanwhile, Apple's fourth-quarter revenue guidance growth range of 9-11% fell below analysts' predictions of 12.1%. CFO Parekh attributed this to component supply constraints and foreign exchange fluctuations affecting the company's iPhone, Mac, and iPad businesses.