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Amazon becomes the country's second $1 trillion company

05 September, 2018, 16:14 | Author: Shawna Walton
  • Amazon becomes world's second $1tn company

Apple's valuation has risen to $1.1 trillion since it first passed the threshold.

Shares of Amazon's stock rose 1.9 percent Tuesday morning to $2,050.50 - 23 cents above the amount needed to bump Amazon over the $1 trillion line.

It is also a major streamer of video content on its Amazon Prime service.

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland. "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". In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).

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

Shares of the e-commerce giant gained about 2% in trading Tuesday to hit an all-time high of $2,050.27.

Its chief executive, Jeff Bezos, is the world's richest man, with a net worth of more than $US160bn. It has held above that level since October 27, 2017. Now, just a month and change later, Amazon has done the same - however briefly.

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.

For graphic on Analyst Price Targets, click https://reut.rs/2NHwHQq The stock is up 74.5 percent year to date. Bezos's fortune was measured at just under $100 billion at the start of 2018, so he is theoretically up more than $66 billion in unrealized gains so far this year.

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