Amazon tops US$1 trillion in stock market value

05 September, 2018, 16:14 | Author: Teresa Adams
  • Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

It has revolutionised how people shop online.

A little over a month ago Apple became the world's only trillion dollar publicly traded company.

The company's stock, as reported by CNBC, cruised past $2,050.27 per share, which was the bare minimum valuation Amazon needed to achieve a $1 trillion market cap.

A major contributor to the company's massive profits has been its cloud business, Amazon Web Services (AWS).

Russia Resumes Air Strikes Against Rebels in Idlib, Say Monitors
But Israeli Defense Minister Avigdor Lieberman on Monday signaled strikes could be extended to Iraq if necessary. After seven years of war, the northern province of Idlib has become the rebels' final bastion.

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

Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed USA company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).

Amazon founder Jeff Bezos is the world's richest man, worth over $150 billion. It has held above that level since October 27, 2017.

The milestone is another sign of Amazon's swift rise from an online bookseller to a behemoth that sells toilet paper, TVs and just about anything.

Modric beats Ronaldo, Salah for UEFA Men's Player of the Year award
Three more former European champions Bayern Munich, Benfica, Ajax are together with underdog AEK Athens in Group E. Players are judged on their performances in all competitions - domestic, continental and international".

And while Amazon and Apple are now alongside one another in the $1 trillion category, look for Google parent company Alphabet and Microsoft to reach the monumental mark in the near future.

Amazon now trades up 74.0 per cent for the year to date.

Analysts expect Apple's revenue to jump 14.9 percent in its fiscal year ending in September, according to Thomson Reuters data, a hefty rise but still far short of Amazon's expected revenue growth of 32 percent for 2018.

John McCain’s memorial service in Washington D.C.
Friends, family and former presidents gathered Saturday at Washington National Cathedral to honor the life of the late Sen. McCain's family asked before his death that Trump, who the senator had long feuded with, not attend his funeral services.

Recommended:



Popular

Tropical Storm Gordon hammers Gulf Coast after making landfall
Heavy rain across Florida has tapered, but additional showers and storms are possible today, embedded in the onshore flow. The storm left many businesses on Florida's Gulf Coast feeling shortchanged by the holiday weekend.

Former Arizona Senator Jon Kyl to replace John McCain
McCain's opposition to repealing Obamacare was just one of many problematic moments for the Republican Party. McCain was a prisoner of war during the Vietnam War and spent more than five years as a POW in Hanoi.

ABC Sets ‘Bachelor In Paradise’s Colton Underwood For Next ‘The Bachelor’
He then participated on the most recent season of Bachelor in Paradise . "He told me that he couldn't think about anyone else". Nick in the Morning readers were teased last week about how Colton Underwood might be the new star of ABC's " The Bachelor ".

Trump to Bloomberg: Sessions' job is safe until at least November elections
Trump has called the investigation a "witch hunt" and routinely questions why the Justice Department isn't investigating Hillary Clinton.

China is not Africa’s new colonial power - Ramaphosa
China has become a major investment partner for South Africa in stimulating economic and social transformation and development. Debt from China's interest-free loans, due by the end of 2018, would be written off for some poor African states, Mr Xi said.

JD.com's Billionaire CEO Richard Liu Released After US Arrest
The arrest comes shortly after Liu was in the spotlight for another incident involving sexual misconduct. FILE PHOTO - JD.com founder Richard Liu attends a Reuters interview in Hong Kong, China June 9, 2017.

Imran Khan reiterates his commitment: Here’s what he says
Ministers of Defence, Foreign Affairs, Finance, Information and Minister of State for Interior are accompanying the PM. After planting the sapling, the prime minister took to twitter to motivate people to plant trees.

China trade talks are not top priority, says US Treasury Secretary
The United States and Mexico have reached a trade agreement that is more than a handshake deal but not quite a treaty. The NAFTA renegotiations had dragged on for a year before the tentative agreement with Mexico was announced Monday.

Apple sets the date for its next big event - new iPhones expected
All this when we are hardly two weeks away from the Apple event where the company was going to unveil these new devices. In terms of pricing, Apple will possibly continue its $1000 (Rs 71,000 approximately) mark for the 6.5-inch iPhone XS .

US cuts funding for UN Palestinian refugee agency
More than 700,000 Palestinians were forced from their land in the events leading to the establishment of the state of Israel. Earlier this year, the administration cut UNRWA's scheduled payment of $130 million to just $65 million.