NEW YORK (TheStreet) -- Amazon.com (AMZN) - Get Report spiked to a new record on Friday, after posting stronger-than-expected earnings with the help of its Prime service and cloud business. Pandora Media (P) surged by double-digits on the strength of its earnings and a Wall Street beat. Netgear (NTGR) - Get Report jumped after its higher-than-anticipated earnings report.
Amazon soared 9.8% to close at $529.42, on a day when the broader markets fell.
The online retailer touched on a new record high of $580.57 during intra-day trading. Wall Street applauded Amazon's second-quarter results, in which it posted a net profit of 19 cents a share on revenue of $23.19 billion. Analysts were anticipating a loss of 14 cents a share on revenue of $22.39 billion, according to a Reutersreport. A copy of the earnings call transcript can be found here.
Amazon also presented an upbeat third-quarter forecast and highlighted the accelerated growth of its cloud business Amazon Web Services and strong demand for its Prime delivery service, according to Reuters.
As a result of those strong results, a number of analysts increased their price targets for Amazon, according to a MarketWatchreport. Wedbush, for example, increased its price target to $700 from $575, attributing the increase to its profitable earnings, expected strong sales out of its cloud business and Prime, noted MarketWatch.
Pandora shot up 15% to finish the day at $15.96.
The streaming music company spiked after beating analysts' second quarter estimates. Pandora reported earnings of 5 cents a share on revenue of $285.6 million, compared with Wall Street's expectations of a profit of 2 cents a share on revenue of $283.06 million.
Pandora's performance was aided by an increase in the total number of hours that its customers listened to the streaming music service, which rose 5% from a year ago.
Meanwhile, Albert Fried raised its recommendation on the stock to overweight from market perform, according to a Briefing.com report.
Netgear surged 17.6% to end the session at $33.80.
The networking and wireless equipment device maker spiked after posting adjusted earnings of 29 cents a share on revenue of $288.8 million during the second quarter, according to an Associated Pressreport.
Analysts were expecting adjusted earnings of 30 cents a share on revenue of $277.8 million, according to a Motley Foolreport. Additionally, Netgear issued a third-quarter forecast of revenue between $315 million to $330 million, higher than Wall Street's expectations of $302.1 million, according to Motley Fool.
During the second quarter, Netgear got its boost from a strong performance of its retail business unit, which rose 19% compared to the previous year, noted the Fool, adding that Netgear's retail business also managed to post sequential growth of 9%, despite it being typically a down season quarter.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.