Amazon Joins Apple as Second Trillion-Dollar Company

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

"It says a lot about Amazon and its ever-increasing dominance of segments of the retailing world as well as the web services business", said Peter Tuz, President Of Chase Investment Counsel In Charlottesville, Virginia.

A little over a month ago Apple became the world's only trillion dollar publicly traded company.

Shares of Amazon's stock rose 1.9 percent Tuesday morning to $2,050.50 - 23 cents above the amount needed to bump Amazon over the $1 trillion line.

Inc on Tuesday joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.

Amazon has become the second US public company to cross the $1 trillion valuation threshold this year. And its cloud computing services for companies have become a major driver of earnings and revenue. For added reference, the company's stock reached $1,000 in October of 2017, and broke $100 in October of 2009.

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

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The milestone is another sign of Amazon's swift rise from an online bookseller to a behemoth that sells toilet paper, TVs and just about anything.

While Amazon's and Apple's runs created plenty of fanfare, they're not the first companies to hit the $1 trillion level.

Jeff Bezos, the founder and CEO - who is already the world's richest man - saw his personal fortune rise on Tuesday as well.

For graphic on Analyst Price Targets, click https://reut.rs/2NHwHQq The stock is up 74.5 percent year to date.

Amazon's stock has gained over 70% in 2018, according to CNBC.

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