Amazon joins $1 trillion club, on pace to overtake Apple

Virginia Carson
September 5, 2018

Amazon has revolutionized how people shop online and is the world's dominant internet retailer.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. In 2007, PetroChina Company's market cap surpassed the $1-trillion mark though the Chinese company's complex structure ensured that most of the shares stayed with the government, The Wall Street Journal reported. The company's stocks crossed the $2,000 threshold for the first time on August 30.

It is also a major streamer of video content on its Amazon Prime service.

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For context, the entire United States stock market - the sum of all publicly traded American companies including Amazon - hit $30 trillion back in January. And its cloud computing services for companies have become its main profit driver.

Amazon and Apple are both worth about US$1 trillion.

Shares of the e-commerce giant gained about 2% in trading Tuesday to hit an all-time high of $2,050.27.

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

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. Though it was a briefly-held position, given the erratic nature of the stock market, it was an exciting milestone nonetheless.

The firm is expected to account for roughly half of all online shopping sales in the U.S. this year - and almost 5 percent of the country's overall retail market, according to research firm eMarketer. On Tuesday morning, the stock climbed enough to push the company's valuation pass the $1 trillion mark, although it dropped back slightly after that.

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