Shares of Amazon grew as much as 7.9 percent early April 27, reaching an all-time high of $1,634.32, after the e-commerce giant surpassed analysts' projections its first quarter earnings, according to CNBC.
In addition to its impressive financials, Amazon announced plans to raise the price of its Prime membership service from $99 to $119 May 11, which financial analysts believe will not drive away customers due to its improved offerings.
"We are raising our topline and operating margin estimates for [fiscal year 2018] and beyond reflecting the continued momentum in Prime and accelerating growth in its two more profitably businesses, [Amazon Web Services] and advertising," Stifel analyst Scott Devitt wrote in a note to clients Friday, according to CNBC.
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