Amazon follows Apple to $1trn market value in tech share surge

Ivan Schwartz
September 4, 2018

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.

Amazon's market valuation in recent weeks pulled ahead of two other tech giants - Google's parent company, Alphabet, and Microsoft - to hit the $1 trillion mark.

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

For the fiscal year 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion (R2,7 trillion), netting it an adjusted profit of $6.15 (R93) per share, according to the company's annual report.

Amazon has impressed investors by successfully diversifying its business into virtually every corner of the retail industry, altering how consumers buy products and putting major pressure on many brick-and-mortar stores.

"Amazon's a little bit more dynamic than Apple because the iPhone has become more mature".

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It has revolutionised how people shop online and is the world's dominant internet retailer. Amazon went public at $18 a share in 1997 - on Tuesday those shares hit $2,050, pushing the value of the whole company over $1trn.

Indeed, it was less than a year ago in early October 2017 that Amazon shares first crossed the $1,000 mark.

Amazon Founder Jeff Bezos is already the richest person on Earth, with a net worth surpassing $150 billion.

More than 40 percent said they buy something on Amazon once a month or more often.

The Seattle-based company's stock has grown over 70 percent year-to-date, and has gained over 3,000 percent in the past decade. In comparison, Apple has risen about35.0percent in 2018.

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