Amazon becomes second $1 trillion company in US

Amazon becomes second $1 trillion company in US

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

The e-commerce giant's stock rose to a high of $2,050.50 on Tuesday morning.

Amazon and Apple are both worth about US$1 trillion. Google's parent company Alphabet is still the third-largest by market capitalization, but it's not likely to break a trillion in the near future; its total valuation is now about $838 billion.

On August 2, Apple became the first United States company to reach a total market capitalization of $1 trillion. And they first hit $1,000 on October 27, 2017.

Amazon's financial and business successes even pushed the founder and CEO, Jeff Bezos, right to the top of Forbes' billionaires list this year.

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Here's the breakdown of how Morgan Stanley - one of the stock's most bullish sell-side shops - sees Amazon's five main units in terms of value.

The online retailer's shares then hit the $2050.2677 level to give its stock a value of $1 trillion.

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. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%). Bezos brought home an annual salary of $81,840 in 2017, according to regulatory filings. Amazon stock has doubled in price over the past year, eclipsing the $2,000 mark on August 30.

He added: "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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