Published: Wed, September 05, 2018
Finance | By Gustavo Carr

Amazon becomes second $1 trillion company in US

Amazon becomes second $1 trillion company in US

The company's market cap hit $1 trillion just a few moments ago after its share price hit $2050.50. Just 10 months later, on August 30, Amazon shares hit $2,000 for the first time, just $50 per share away from giving the company a $1 trillion market value.

Amazon has become the second publicly traded company to be worth a trillion dollars (£780 billion), hot on the heels of Apple.

It crossed the line at 16:40 BST before falling back slightly.

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. Bezos, Amazon, and the Bezos owned Washington Post have become frequent targets of criticism from President Donald Trump.

GlobalData Retail managing director Neil Saunders called Amazon's valuation achievement "extraordinary" and considered it a sign of the company's potential.

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The e-commerce juggernaut hit the 13-digit milestone Tuesday morning when its stock briefly surged to $2,050.50, passing the $2,050.27 mark to win a $1 trillion market capitalization.

For fiscal 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion, netting it an adjusted profit of $6.15 per share, according to the company's annual report.

Apple was named as the first publicly listed U.S. company to be valued at $1,000,000,000,000 on August 2.

Amazon, founded by Jeff Bezos as an online bookseller in 1994, has grown rapidly into one of the country's largest and most influential companies.

"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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