Amazon hits $1 trillion market value milestone

Amazon hits $1 trillion market value milestone

Its shares hit the $2050.2677 level to give its stock a value of $1 trillion.

Even with Amazon hitting the $1 trillion mark, Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long way to go - but say they, one day, could end up bigger then Apple.

Amazon.com Inc on Tuesday joined Apple Inc to become the second $1 trillion (0.78 trillion pounds) publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing. The share price has since dropped down, so the company was only valued at $1 trillion for a brief few minutes.

Apple reached the same milestone in early August.

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. The online retail behemoth's stock hit a new high of $2,049.50 per share around 11:30 a.m., Eastern time this morning, momentarily nudging its market cap over the trillion-dollar line.

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"The difference between the two is that Amazon has room to grow within its two main businesses".

Amazon has dominated US retail as more consumers shift away from brick and mortar stores and toward online retailers.

Bezos' riches have largely come through his ownership of 16.3% of Amazon's outstanding stock.

"This year marks the 20th anniversary of our first shareholder letter, and our core values and approach remain unchanged", Bezos said in his 2017 letter to shareholders in March.

'The company continues to experiment with new products and push into new geographies.

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