Amazon is now a $1 trillion company

Lindsey Wasson  Reuters

Lindsey Wasson Reuters

Amazon.com Inc (AMZN.O) on Tuesday became the second USA company to reach $1 trillion in stock market value, just weeks after Apple Inc (AAPL.O) hit the same milestone on August 2.

He said: "Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year". That happened barely a month after Apple crossed that threshold. More than 40 percent said they buy something on Amazon once a month or more often.

Amazon is the second USA company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business.

It also provides video streaming services and bought upscale supermarket Whole Foods.

In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan. NY time, pushing its market capitalization over the trillion-dollar mark.

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.

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The company's blowout success has made its founder and CEO, Jeff Bezos, No. 1 on Forbes's billionaires list this year.

The stock gained 2% to hit the magic number of $2,050.27, or R31,356, per share on Tuesday. It has held above that level since October 27, 2017.

Amazon's shares last traded up 1.4 percent at $2,041.68.

Amazon's stock is up 74.5 percent year to date.

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.

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