Amazon joins $1 trillion club, on pace to overtake Apple

04 September, 2018, 22:38 | Author: Brooke Harris
  • Amazon's effect on local economies

Inc on September 4 joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.

He said: "Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year".

Indeed, it was less than a year ago in early October 2017 that Amazon shares first crossed the $1,000 mark.

Apple Inc. may have gotten there first, but Amazon.com's rapid ascent to a $1 trillion market value should put the iPhone maker on notice that its days as the world's most valuable company are numbered.

Amazon has impressed investors by diversifying into virtually every corner of the retail industry, altering how consumers buy products and putting big pressure on many brick-and-mortar stores.

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Amazon has revolutionized how people shop online and is the world's dominant internet retailer. And its cloud computing services for companies have become a major driver of earnings and revenue. NY time, pushing its market capitalization over the trillion-dollar mark.

Amazon shares were last up 1.1 percent at $2,035.69, pulling back slightly from the milestone level of $2050.2677.

Achieving the valuation marks the latest chapter in an astonishing story of growth for the company, founded by businessman Jeff Bezos in Seattle, Washington, in 1994. Amazon stock slipped below that threshold but has gained 1.17 percent as of 12:30 p.m.

Amazon's stock is up 74.5 percent year to date. Amazon Web Services, for instance, a unit that provides hosting and cloud computing for other businesses, brought in $20 billion (R305 billion) of revenue in 2017.

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