Amazon becomes second $1 trillion company in US

Elizabeth Houston
September 5, 2018

For a short while Tuesday, Amazon joined Apple and hit a $1 trillion valuation. Amazon saw its quarterly profit soar past $2 billion United States for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

Amazon has become the second company to be valued by Wall Street at $1tn, a matter of weeks after Apple beat the online retailer to reach the milestone first.

The e-commerce giant's stock rose to a high of $2,050.50 on Tuesday morning.

If the online retailer's share gains keep up the pace, it would be a matter of when, not if, Amazon's stock market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2. Multiplied by the current 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.

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'Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year, ' he said.

More than 40 percent said they buy something on Amazon once a month or more often.

Amazon's astronomical growth from a small Seattle bookseller into one of the world's biggest companies has made its founder and chief executive, Jeff Bezos, easily the richest person in the world; as of Tuesday, the 54-year-old was worth more than $166 billion, according to Bloomberg's billionaires index. Amazon Web Services provides cloud computing services to companies and government, and its advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site.

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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