Amazon Joins Apple as Second Trillion-Dollar Company
Amazon Joins Apple as Second Trillion-Dollar 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, 16:10
It has revolutionised how people shop online.
It's official: Amazon is the second USA company to achieve a valuation of more than $1 trillion. In 2007, PetroChina Company's market cap surpassed the $1-trillion mark though the Chinese company's complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported. It also provides video streaming services and bought upscale supermarket Whole Foods. And its cloud computing services for companies have become its main profit driver.
Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).
Note that Morgan Stanley's theoretical breakdown assumes a stock price of $2,500 - higher than Amazon's price on Tuesday - which would give it a slightly higher market value of $1.32 trillion.
Apple started trading in December 1980 but its stock did not truly start to take flight for another 25 years, spurred by the iPhone, the breakthrough device that left competitors in the dust. For added reference, the company's stock reached $1,000 in October of 2017, and broke $100 in October of 2009.
Jeff Bezos, the founder and CEO - who is already the world's richest man - saw his personal fortune rise on Tuesday as well. Now, just a month and change later, Amazon has done the same - however briefly.
While Amazon's and Apple's runs created plenty of fanfare, they're not the first companies to hit the $1 trillion level. In comparison, Apple has risen about34.7 per cent year to date.
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.
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