Amazon becomes the country's second $1 trillion company
Amazon becomes the country's second $1 trillion company
Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Kim Kyung Hoon Reuters
05 September, 2018, 12:11
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.
Amazon's stock rose 1.7 percent in morning trading, putting its market value at just over $1 trillion, although the stock dropped back slightly after that.
The firm is expected to account for roughly half of all online shopping sales in the USA this year - and almost 5 percent of the country's overall retail market, according to research firm eMarketer.
Shares in the world's largest online retailer last traded up 1.4 percent at $2,041.68. Most notable was the speed with which Amazon hit the milestone, with its shares having more than tripled in the past three years.
Amazon has become the second USA public company to cross the $1 trillion valuation threshold this year.
However it was tech giant Apple that was named as the first publicly listed U.S. company to be valued at $1,000,000,000,000, on 2 August.
Amazon just became the second member of the trillion-dollar club. "Now that it has several high-margin revenue streams, we're seeing those doubts subside".
The online retailer's shares then hit the $2050.2677 level to give its stock a value of $1 trillion.
Amazon must also guard against the kind of arrogance that can undo companies that come to dominate markets, according to the analyst. The 54-year-old is now worth more than $166 billion, according to Bloomberg's billionaires index on Tuesday.
By the end of that year, Amazon was selling books online throughout the US.
'The company continues to experiment with new products and push into new geographies.
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