Amazon becomes 2nd US company to reach $1 tril. market value

05 September, 2018, 16:14 | Author: Dave Hampton
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Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily.

Of course, with only two companies ever having reached the $1 trillion mark, there's bound to be comparisons. According to the World's Billionaires list from Forbes, which tracks the net worth of billionaires in real time based on stock market fluctuations, Bezos added as much as $2 billion to his fortune on Tuesday morning, as Amazon's market cap topped $1 trillion.

The e-commerce giant saw shares rise to $2,050.50 just before noon, putting its valuation just about $100 billion behind Apple, which crossed the line a little over a month ago. And its cloud computing services for companies have become a major driver of earnings and revenue.

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Amazon has become the second publicly traded company to be worth a trillion dollars (£780 billion), hot on the heels of Apple.

Amazon‚ following hot on the heels of Apple‚ has become the second USA company to achieve a market capitalisation in excess of $1-trillion.

In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan.

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Amazon - founded as an online book-retailer in Chief Executive Jeff Bezos' garage in 1994 - started trading on May 15, 1997 at $1.50 on a split-adjusted basis.

Amazon reported almost $US53b in sales in the three months ended in June, with record quarterly profit of $US2.5b. The company's stock has surged more than 70 percent since January, outperforming Apple, which has gained more than 30 percent. Amazon shares were last up 1.1 per cent at $2,035.69, pulling back slightly from the milestone level of $2050.2677.

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