Amazon hits $1 trillion market value milestone

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed Credit Kim Kyung Hoon Reuters

Shares in the e-commerce giant rose almost 2 percent to a high of $US2,050.50 in morning trade before slipping back. If the online retailer's share price continues at its recent pace, it will be a matter of when, not if, Amazon's market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2. Amazon has impressed investors by successfully diversifying its business into virtually every corner of the retail industry, altering how consumers buy products and putting major pressure on many brick-and-mortar stores.

Amazon has revolutionized how people shop online and is the world's dominant internet retailer. For example, you can expect to see Amazon commercials during NFL Thursday Night Football this season, as well as ads on video game streaming service Twitch, which the company acquired in 2014. And its cloud computing services for companies have become its main profit driver.

That may sound like a huge sum separating the two, but Amazon could actually surpass the iPhone maker in short order ー the stock's 74 percent gain this year is more than double that of Apple, and if shares of both companies keep the same pace, Amazon could close the gap by the end of the year.

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

Bears to acquire Raiders superstar Khalil Mack in trade
With Gruden open to dealing Mack, there was no way Davis was going to veto him after giving him $100 million to coach the team. While the deal seems like a virtual certainty at this point, there still are some details to work out.

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

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. Though it was a briefly-held position, given the erratic nature of the stock market, it was an exciting milestone nonetheless.

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

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