The ASX is up 0.18% after Amazon shares rallied 14% in after-hours trade.
Amazon released its earnings around 8 am AEDT, posting a big earnings beat helped by its investment in electric vehicle developer Rivian.
Amazon said it will raise the price of its annual Prime membership from $119 to $139. The price change is expected to go into effect for new members in mid-February and for current members in late-March.
Most ASX sectors opened in positive territory, shrugging off the selloff across US stocks overnight.
The S&P/ASX 200 Info Tech Index is up 1.1% after a -5.9% selloff on Thursday.
Amazon’s encouraging earnings has reverberated across local tech stocks. Notable winners include:
This is despite another positive overnight session for iron ore prices, up 3% to US$145.95 a tonne.
Iron ore markets are expected to remain relatively stable in absence of Chinese market participants who are on the week-long Lunar New Year holiday.
According to Fastmarkets, market participants believe that demand for iron ore is likely to be healthy when Chinese buyers return on Tuesday, 8 February.
REA (ASX: REA) shares rallied 4.4% at open after reporting 31% net profit growth to $226m in the first-half FY22. The company experienced a wave of new listings after lockdown restrictions were lifted from November onwards.
News Corporation (ASX: NWS) shares are up 4.1% after delivering 30% earnings growth for the first half FY22. Management said the business is thriving, particularly at the digital real estate services, Dow Jones and book publishing segments.
Finance Writer & Social Media
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