Amazon passes $1 trillion in value amid attacks from Trump

Amazon passes $1 trillion in value amid attacks from Trump

Amazon passes $1 trillion in value amid attacks from Trump

Amazon's stock rose 1.7 percent in morning trading, putting its market value at just over $1 trillion, although the stock dropped back slightly after that.

Its shares traded as high as $2,050.50 before easing a little to end the session at $2,039.51, up 1.3 percent and just short of the milestone level of $2,050.2677.

It's official: Amazon is the second USA company to achieve a valuation of more than $1 trillion.

Amazon is the second USA company to hit that mark, driven by its continued dominance in the retail world and its highly profitable cloud services business. 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. The giant online retailer and Web services company has been consistently profitable since 2015.

For graphic on Amazon vs Apple, click https://reut.rs/2PwtdRg Amazon also provides video streaming services and bought upscale supermarket Whole Foods.

For example, Amazon's lucrative cloud computing business is built on technology infrastructure that the company needed to run its own operations. The tech juggernaut isn't alone anymore, however, as Amazon has reached $1 trillion valuation.

Amazon has revolutionized how people shop online and is the world's dominant internet retailer. For added reference, the company's stock reached $1,000 in October of 2017, and broke $100 in October of 2009.

Amazon.com on September 4 became the second USA company to reach $1 trillion in stock market value, just weeks after Apple hit the same milestone on August 2. Amazon's stock is up almost 70 percent this year as USA tech stocks continue to reach record highs. In comparison, Apple has risen about34.7 percent year to date.

Even more telling is Amazon's size when compared with the entire national stock markets of other countries.

Related news