Amazon becomes world's second $1tn company

05 September, 2018, 05:12 | Author: Brooke Harris
  • Is Amazon a monopoly

Shares of Amazon's stock rose 1.9 percent Tuesday morning to $2,050.50 - 23 cents above the amount needed to bump Amazon over the $1 trillion line.

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.

Amazon has become the second publicly traded company to be worth $US1 trillion, hot on the heels of Apple.

Market watchers have been expecting both Amazon and Apple to eventually have valuations topping $1 trillion.

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

Amazon has also expanded into web hosting services, advertising, consumer technology, entertainment, video and music streaming, and e-books since launching as an online bookstore in July 1995.

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For context, the entire USA stock market - the sum of all publicly traded American companies, including Amazon - hit $30 trillion in January.

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland.

For the fiscal year 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion, netting it an adjusted profit of $6.15 per share, according to the company's annual report.

Jeff Bezos, the founder and CEO - who is already the world's richest man - saw his personal fortune rise on Tuesday as well. It has held above that level since October 27, 2017.

Amazon's stock has gained over 70% in 2018, according to CNBC.

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