Amazon becomes the 2nd USA company to join the $1 trillion club
Amazon becomes the 2nd USA company to join the $1 trillion club
Amazon follows Apple to cross trillion-dollar milestone
05 September, 2018, 00:01
By early afternoon, Amazon's stock was trading at $2,030 per share, up less than 1 percent, putting its market cap at $990 billion.
Amazon's market valuation in recent weeks pulled ahead of two other tech giants - Google's parent company, Alphabet, and Microsoft - to hit the $1 trillion mark.
Last month, Apple became the first U.S. company to become a $1 trillion company. Market watchers have been expecting both Amazon and Apple to eventually have valuations topping $1 trillion.
For the fiscal year 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion (R2,7 trillion), netting it an adjusted profit of $6.15 (R93) per share, according to the company's annual report.
Amazon has revolutionised how people shop online and is the world's dominant Internet retailer. And its cloud computing services for companies have become a major driver of earnings and revenue. "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's success pushed Jeff Bezos, founder and CEO, to the top of Forbes' billionaires list this year. It has held above that level since October 27, 2017. For context, the entire USA stock market - the sum of all publicly traded American companies including Amazon -hit $30 trillion back in January. The company's stock has surged more than 70 percent since January, outperforming Apple, which has gained more than 30 percent.
Amazon now trades up 74.0 percent for the year to date.
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