Amazon becomes second U.S. company to reach $1 trillion market value

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon - headed by founder Jeff Bezos, who has become the world's richest person on the back of the relentless rally in Amazon shares - hit the milestone just over a month after Apple became the first company to do so on August 2.

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.

The milestone comes one month after Apple first passed the $1 trillion threshold on August 2.

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It also provides video streaming services and bought upscale supermarket Whole Foods. Multiplied by the number of shares outstanding (487,741,189), that puts the company's book value just over the same symbolic milestone that Apple hit less than one month ago. And its cloud computing services for companies have become a major driver of earnings and revenue.

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

Analysts said the success of the company's cloud business, Amazon Web Services, and rapidly-growing advertising arm have helped reassure investors who have long anxious about Amazon's profitability. Apple's valuation has risen to $1.1 trillion since it first passed the threshold.

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Amazon's success pushed Jeff Bezos, founder and CEO, to the top of Forbes' billionaires list this year. It has held above that level since October 27, 2017. Now, just a month and change later, Amazon has done the same - however briefly. Amazon had $178 billion in revenues past year and made $2 billion in profit in its most recent quarter.

By early afternoon, Amazon's stock was trading at $2,030 per share, up less than 1 percent, putting its market cap at $990 billion.

Amazon now trades up 74.0 percent for the year to date.

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