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Amazon becomes the 2nd USA company to join the $1 trillion club

05 September, 2018, 16:14 | Author: Kristi Dunn
  • Amazon becomes world's second $1tn company

Amazon has revolutionised how people shop online and is the world's dominant internet retailer. The stock closed at $2,039.51 Tuesday, about $11 short of keeping its valuation above $1 trillion.

The e-commerce giant saw shares rise to $2,050.50 just before noon, putting its valuation just about $100 billion behind Apple, which crossed the line a little over a month ago.

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

Like most tech billionaires, Jeff Bezos's net worth rises and falls based on his company's performance in the stock market.

In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan.

Lego replica Bugatti Chiron runs at top speed of 28.97 kph
Over 1 million pieces were used in assembling the 1.5-ton auto , and LEGO said its creators didn't use any glue. From about 20 meters away, he added, it's not obvious that you're looking at a Lego auto .

Amazon has become the second publicly traded company to be worth US$1 trillion (NZ$1.52 trillion), hot on the heels of Apple.

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.

Such astronomical growth from a small, Seattle book seller to one of the world's biggest companies, has made its founder and chief executive, Jeff Bezos, easily the richest person in the world. It has held above that level since October 27, 2017.

Interestingly, as The Verge points out, Amazon is only the third company internationally to hit a $1 trillion market cap.

For graphic on Analyst Price Targets, click https://reut.rs/2NHwHQq The stock is up 74.5 percent year to date. The company's stock has surged more than 70 percent since January, outperforming Apple, which has gained more than 30 percent.

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