Economy

Amazon becomes world's second $1tn company

Amazon becomes world's second $1tn company

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.

Amazon crossed the $2,000 threshold for the first time on August 30 after doubling its price in just 10 months.

Amazon is the second corporation to exceed $1 trillion in value after Apple, which crossed the threshold on August 2.

It's official: Amazon is the second American company to achieve a valuation of more than $1 trillion.

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Amazon has also expanded into web hosting services, advertising, consumer technology, entertainment, video and music streaming, and e-books since launching as an online bookstore in July 1995. And its cloud computing services for companies have become a major driver of earnings and revenue.

Amazon has become the second USA public company to cross the $1 trillion valuation threshold this year.

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland.

Analysts said the success of the company's cloud business, Amazon Web Services, and rapidly-growing advertising arm have helped reassure investors who have long anxious about Amazon's profitability.

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Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily.

By October 2009 it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017.

Amazon's $1 trillion has been coming for weeks.

For graphic on Analyst Price Targets, click https://reut.rs/2NHwHQq The stock is up 74.5 percent year to date.

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


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