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Amazon temporarily became a $1 trillion company

05 September, 2018, 16:14 | Author: Sara Gill
  • Is the world Amazon's oyster

Amazon has revolutionised how people shop online and is the world's dominant internet retailer.

As of writing, Amazon's market cap is sitting pretty at $994.75 billion; it's nearly a certainty that the company's valuation will top $1 trillion again relatively soon. That puts the company's market capitalization-the number of its outstanding shares multiplied by share price-at $1 trillion. Amazon stock has doubled in price over the past year, eclipsing the $2,000 mark on August 30. Saudi Arabia's national energy company, Aramco, is widely believed to be worth much more than either Amazon or Apple. "Amazon's cloud business is an extra growth driver that Apple doesn't have", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, Georgia who describes Amazon's cloud services as its "crown jewel".

Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. Amazon shares first hit $1,000 on October 27, 2017.

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


Its chief executive, Jeff Bezos, is the world's richest man, with a net worth of more than $US160bn. Though it was a briefly-held position, given the erratic nature of the stock market, it was an exciting milestone nonetheless.

And while Amazon and Apple are now alongside one another in the $1 trillion category, look for Google parent company Alphabet and Microsoft to reach the monumental mark in the near future. In comparison, Apple has risen about 35.0percent in 2018.

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

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