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Amazon becomes second trillion-dollar company in U.S.

05 September, 2018, 00:02 | Author: Shawna Walton
  • Amazon is now a $1 trillion company

Apple's valuation has risen to $1.1 trillion since it first passed the threshold. 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. The Cupertino-based iPhone-maker is now worth about $1.1 trillion.

In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but very profitable advertising and cloud computing businesses.

Amazon founder Jeff Bezos is the world's richest man, worth over $150 billion. Amazon saw its quarterly profit soar past $2 billion U.S. for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

The Seattle-based company has secured their customers loyalty through smart devices like Alexa and the Prime membership - a service that offers free next day deliver as well as music and video streaming perks.

Amazon crossed the $2,000 threshold for the first time on August 30 after doubling its price in just 10 months. Most notable was the speed with which Amazon hit the milestone, with its shares having more than tripled in the past three years.

Amazon.com Inc on Tuesday joined Apple Inc to become the second $1 trillion (0.78 trillion pounds) publicly listed USA company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.

Apple topped that mark in early August. The online retail behemoth's stock hit a new high of $2,049.50 per share around 11:30 a.m., Eastern time this morning, momentarily nudging its market cap over the trillion-dollar line.

"We expect Amazon to continue doing well going forward, with the company having a proven ability to expand into new markets".

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