Facebook Officially Worth More Than Amazon (AMZN)

After Amazon AMZN missed earnings results yesterday, Facebook is now valued higher than the online retailer. Amazon's earnings miss sent its stock down in after hours trading and it's continuing today, down nearly 10%. Facebook, valued at $82.9 billion by secondary exchanges, now trails only Google GOOG among U.S. internet companies. Amazon is valued around $76 billion after the earnings miss. Amazon reported earnings of 91 cents yesterday on revenues of $12.95 billion. Wall Street had been looking for earnings of 88 cents per share on revenues of $13 billion. Amazon cited the weather as a main reason for missing revenue numbers, saying harsh weather in Europe led to the results. For the first quarter, Amazon guided first quarter revenue between $9.1-$9.9 billion. Wall Street is expecting $9.3 billion in revenue. Shares of Facebook have gained 40% since December on SharesPost, as more and more investors clamor for shares of Facebook, the social networking giant. Facebook has moved well past the 500 million user mark, and ad spending on the website is projected to go over $4.05 billion this year, another record for online advertising. The $82 billion valuation comes just weeks after Goldman invested in the company at a $50 billion valuation, so clearly there is some kind of disconnect going on here. At last check, shares of Amazon were off $14.40 to $170.05, a loss of 7.8% on the earnings miss.