Apple's iPhone Silences Doubters: Tech Weekly

The Cupertino, Calif.-based firm also announced it would hold its Worldwide Developers Conference (WWDC) on June 11, with a big focus on software.

"We have a great WWDC planned this year and can't wait to share the latest news about iOS and OS X Mountain Lion with developers," said Philip Schiller, Apple's senior vice president of Worldwide Marketing, in a press release. "The iOS platform has created an entirely new industry with fantastic opportunities for developers across the country and around the world."

Shares of Apple jumped 5.24% on the week to finish at $603.

Amazon shares jumped on Friday after the company reported strong first-quarter revenue growth and stabilizing operating margins.

The Seattle-based Internet giant reported quarterly EPS of 28 cents on $13.2 billion in revenue on Thursday, up 34% year over year. Analysts polled by Thomson Reuters had expected Amazon to report EPS of 7 cents on $12.9 billion in revenue.

Amazon's margins, investors' biggest worry going into the quarter, came in at 1.45%, in line with the fourth quarter's 1.5%.

Amazon shares soared 19.4% this week to finish at $226.85.

Netflix took a hit as the movie-streaming company said it expects weak streaming additions in the current quarter, despite reporting strong first-quarter earnings on Monday.

Due to increased seasonality, Netflix expects net additions to be below 2010's level. The company said it expects to have between 23.6 million and 24.2 million subscribers, implying growth between 200,000 and 800,000 streaming subscribers.

The Los Gatos, Calif.-based firm expects second-quarter revenue to be between $873 million and $895 million, with the midpoint below the $895.11 million in revenue analysts are expecting.

Netflix announced it lost 8 cents a share on $870 million in revenue, better than the 27-cent-a-share loss and $866.93 million in revenue Wall Street was expecting.

Netflix shares fell 21.08% this week to finish at $83.74.