Wednesday, 14 November, 2018

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

Is Amazon a monopoly Is Amazon a monopoly
Cristina Norman | 05 September, 2018, 12:10

While Amazon's and Apple's runs created plenty of fanfare, they're not the first companies to hit the $1 trillion level.

Amazon has become the second US public company to cross the $1 trillion valuation threshold this year.

Inc on Tuesday 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 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. The shares climbed as high as $2,050.50 in intraday trading in NY, just above the $2,050.27 level that gives the ecommerce and cloud computing giant a market capitalisation of $1 trillion. And its cloud computing services for companies have become a major driver of earnings and revenue.

Amazon's $1 trillion has been coming for weeks.

Amazon Founder Jeff Bezos is already the richest person on Earth, with a net worth surpassing $150 billion. The company's valuation has been teasing around the $1 trillion for a little while now, though all of that wait finally finished once the share price hit $2050.50. It needed to reach $2,050.27 to cross the trillion-dollar threshold, based on the count of 487,741,189 shares from Amazon's most recent quarterly report in July. Amazon's stock is up almost 70 percent this year as US tech stocks continue to reach record highs. In comparison, Apple has risen about34.7 per cent year to date.

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

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