Published: Wed, September 05, 2018
Finance | By Jaime Brady

Amazon reaches $1 trillion mark, but that's just the start

Amazon reaches $1 trillion mark, but that's just the start

Shares in the e-commerce giant rose almost 2 percent to a high of $US2,050.50 in morning trade before slipping back. In 2007, PetroChina Company's market cap surpassed the $1-trillion mark though the Chinese company's complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported.

As of writing, Amazon's market cap is sitting pretty at $994.75 billion; it's nearly a certainty that the company's valuation will top $1 trillion again relatively soon. While Apple's iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon's blistering sales growth. 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. It has revolutionised how people shop online.

Amazon and Apple are both worth about US$1 trillion.

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By October 2009 it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017.

In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan. Now, just a month and change later, Amazon has done the same - however briefly. On Tuesday morning, the stock climbed enough to push the company's valuation pass the $1 trillion mark, although it dropped back slightly after that.

Amazon's high-flying stock also further adds to the net work of his CEO Jeff Bezos, who is already considered the richest person on earth. 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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