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Amazon becomes second USA company to be worth US$1 trillion

05 September 2018

As soon as one company has reached that $1 trillion mark, you know it won't be long until another follows in suit - only weeks after it happened for Apple, Amazon has joined the ranks in the "trillion-dollar club".

If the online retailer's share price continues at its recent pace, it will be a matter of when, not if, Amazon's market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on August 2. That happened barely a month after Apple crossed that threshold.

Its stock surged during morning trading on the Nasdaq, reaching the milestone when its share price hit $2,050.50 per share.

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A major contributor to the company's massive profits has been its cloud business, Amazon Web Services (AWS).

Amazon must also guard against the kind of arrogance that can undo companies that come to dominate markets, according to the analyst. And they first hit $1,000 on October 27, 2017.

Such astronomical growth from a small, Seattle book seller to one of the world's biggest companies, has made its founder and chief executive, Jeff Bezos, easily the richest person in the world.

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Amazon reported almost $US53b in sales in the three months ended in June, with record quarterly profit of $US2.5b.

Amazon retreated slightly after hitting the milestone, and near 1545, it was up 1.3 percent to $2,038.71.

Amazon now trades up 74.0 per cent for the year to date. In comparison, Apple has risen about 35.0percent in 2018.

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"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.

Amazon becomes second USA company to be worth US$1 trillion