Amazon becomes second United States company to be worth US$1 trillion

05 September, 2018, 16:12 | Author: Kathy Ellis
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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.

As of writing, Amazon's market cap is sitting pretty at $994.75 billion; it's nearly a certainty that the company's valuation will top $1 trillion again relatively soon. 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. Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

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

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Amazon has become the second publicly traded company to be worth a trillion dollars (£780 billion), hot on the heels of Apple.

Amazon's share prices slightly receded after hitting the milestone, trading for $2036.95 at the time of writing.

Just 10 months later, on August 30, Amazon shares hit $2,000 for the first time, just $50 per share away from giving the company a $1 trillion market value. It has held above that level since October 27, 2017. Now, just a month and change later, Amazon has done the same - however briefly. 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. In comparison, Apple has risen about 35.0percent in 2018. Amazon's stock is up almost 70 percent this year as USA tech stocks continue to reach record highs.

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