Published: Wed, September 05, 2018
Money | By Hannah Jacobs

Amazon joins Apple in $1 trillion club

Amazon joins Apple in $1 trillion club

Shares in the e-commerce giant rose almost 2 percent to a high of $US2,050.50 in morning trade before slipping back. Amazon shares hit $2,050.49 shortly before noon on Tuesday, bringing the company's value above $1 trillion before declining slightly. Apple topped the Dollars 1 trillion mark in early August. While Apple's iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon's blistering sales growth.

For graphic on Amazon vs Apple, click https://reut.rs/2PwtdRg Amazon also provides video streaming services and bought upscale supermarket Whole Foods. And its cloud computing services for companies have become a major driver of earnings and revenue.


Like most tech billionaires, Jeff Bezos's net worth rises and falls based on his company's performance in the stock market. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).

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.


Shares of the e-commerce giant gained about 2% in trading Tuesday to hit an all-time high of $2,050.27. Now, just a month and change later, Amazon has done the same - however briefly.

Following its new peak, Amazon's stock immediately began to tumble, coming to rest at $2,024.67 around 12:30 p.m. before regaining some value and stabilizing at about $2,040 per share. In comparison, Apple has risen about34.7 per cent year to date. Bezos's fortune was measured at just under $100 billion at the start of 2018, so he is theoretically up more than $66 billion in unrealized gains so far this year.


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