Reuters/Lindsey Wasson Amazon founder and CEO Jeff Bezos laughs as he talks to the media while touring the new Amazon Spheres during the grand opening at Amazon's Seattle headquarters in Seattle, Washington, U.S., January 29, 2018.
- Amazon shares hit a record high on Friday.
- They have erased a drop of more than 16% that occurred between the middle of March and early April after the e-commerce giant was caught up in the fallout of the Cambridge Analytica data scandal and attacked by President Donald Trump.
- A great earnings report turned things around for the stock.
- Watch Amazon trade in real time here.
Amazon hit a record high Friday, touching $1,646.48.
Shares are up just under 1% on the day, lagging behind the tech-heavy Nasdaq 100's 1.56% gain.
Amazon had a tough stretch between March 16 and April 4, when it shed more than 16% as it got caught up Shares began dipping on March 13, but those losses really accelerated on the 19th, when the Cambridge Analytica scandal that rocked Facebook and the rest of US tech broke.
Then, on March 28, an Axios report broke suggesting President Donald Trump was "obsessed" with Amazon, and was considering targeting the retail giant's tax status or antitrust action. Amazon fell as much as 7.4% that day. The continued to slide into early April as Trump railed against the company, blaming it for hurting the US Postal Service.
But fortunes changed for Amazon after a blow-out earnings report. In late April, Amazon reported first-quarter earnings of $3.27 a share, easily beating the Wall Street estimate of $1.26. The e-commerce behemoth also showed impressive growth in three of its most important business; Amazon Prime, Amazon Web Services, and its advertising business.
Amazon is up a whopping 65.16% this year.
Markets Insider