*By Mike Teich*
Amazon shares jumped nearly 4 percent Friday after the e-commerce juggernaut delivered blockbuster earnings results on Thursday.
The tech giant impressed investors by delivering operating profit of $1.9 billion. Amazon's blockbuster numbers reflected its success in retail sales and growth in its cloud services business, said Michael Pachter, an analyst from Wedbush Securities.
Amazon also announced that it would be raising its Prime membership fee by $20, up to $119 a year. Pachter said the "odds are less than 1 percent that there is a decline in membership" as a result of the price hike.
Pachter compared Amazon Prime's cost to Netflix, noting that Prime was priced below Amazon's video-streaming rival and offers content that is "75 percent as good."
Amazon is expected to pull in about $7 billion in revenue during this year's Prime Day, according to projections. Cheddar News took a peek at some of the top-selling items and what operations look like at one of its plants.
Warren Buffett's Berkshire Hathaway increased its stake in an LNG plant in Maryland for $3.3 billion as it doubles down on fossil fuels.
Threads could bring in $8 billion in annual revenue, according to analysis, after it reached about 100 million users days after its launch. Cheddar News explains.
Be Well: How Rising Interest Impacts Corporate Default Rates
Bank of America must pay more than $100 million to customers for doubling up on some fees, withholding reward bonuses and opening accounts without customer consent.
Cheddar News Senior Reporter Michelle Castillo visited an Amazon warehouse on Long Island to get a behind-the-scenes look at the company's efforts ahead of Prime Day.
What's happening on Wall Street July 11, 2023
We hit the streets of New York City to ask: is money something you talk about with friends and family?
We hit the streets of New York City to ask: is money something you talk about with friends and family?
Clint Henderson, managing editor at The Points Guy, explains why hidden hotel fees keep cropping up and what you can do to try to avoid them.
