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Amazon Becomes Second Company To Hit $1 Trillion After Apple

05 September, 2018, 12:06 | Author: Melinda Barton
  • Amazon’s shares have more than doubled in the last year as its online shopping empire has boomed
Credit
Kim Kyung Hoon  Reuters

Amazon has become the second public company in history to record a $1 trillion valuation.

Shares in the e-commerce giant rose almost 2 percent to a high of $US2,050.50 in morning trade before slipping back.

Amazon has become the second publicly traded company to be worth $US1 trillion, hot on the heels of Apple.

In just two decades, the company expanded far beyond its bookseller beginnings - they've managed to combine a world-wide retail operation with a less showy, but clearly, incredibly profitable advertising and cloud software businesses. This temporary achievement plants Amazon firmly among the ranks of Apple and PetroChina, the only other global companies who have performed the same feat.

Founded in 1994, Amazon is now the world's largest online retailer.

Amazon shares, up 1.1 per cent at $2,035.68 last night, have soared by 75 per cent this year.


Amazon has become the second US public company to cross the $1 trillion valuation threshold this year.

"Amazon CEO Jeff Bezos holds up the new Kindle Fire HD 7" and Kindle Fire HD 8.9" (L) during Amazon's Kindle Fire event in Santa Monica, California September 6, 2012.

One of Amazon's revenue drivers is its Prime subscription service which offers streaming video and music, free delivery and other perks and which has more than 100 million members worldwide.

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

"We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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