Amazon Becomes Second Company To Hit $1 Trillion After Apple

Amazon Becomes Second Company To Hit $1 Trillion After Apple

Amazon Becomes Second Company To Hit $1 Trillion After Apple

Multiplied by the 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.

For years, Bezos was pilloried by Wall Street and the media for the e-commerce giant's habit of spending too much and earning too little. The company's stocks crossed the $2,000 threshold for the first time on August 30.

Amazon shareholders have already had a extraordinarily good year.

For example, Amazon's lucrative cloud computing business is built on technology infrastructure that the company needed to run its own operations. In fact, when people shop online, they're most likely to start on Amazon, the poll found.

By early afternoon, Amazon's stock was trading at $2,030 per share, up less than 1 percent, putting its market cap at $990 billion.

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Prescription medicine would be a natural market for Amazon to expand into, according to Enderle.

The tech and retail behemoth, founded as an online bookstore by CEO Jeff Bezos in 1994, has only been consistently profitable since 2015.

According to the research firm eMarketer, Amazon's e-commerce revenue will grow more than 28 per cent this year to reach US$394 billion, and will account for 49 per cent of U.S. online retail sales and almost five per cent of all retail spending.

The Seattle-based company has secured their customers loyalty through smart devices like Alexa and the Prime membership - a service that offers free next day deliver as well as music and video streaming perks.

Even with Amazon hitting the $1 trillion mark, Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long way to go - but say they, one day, could end up bigger then Apple. The Post has said that Bezos plays no role in editorial decisions.

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