Thursday, 20 September, 2018

Amazon becomes 2nd United States company to reach USD 1 trillion value

Amazon's effect on local economies Amazon's effect on local economies
Andy Castillo | 05 September, 2018, 16:13

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

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

According to Deadline, Amazon shares have risen more than one percent today to $2,038, "just shy of the $2,050 level that conferred the $1 trillion valuation". The company's stocks crossed the $2,000 threshold for the first time on August 30. And its cloud computing services for companies have become a major driver of earnings and revenue. But that strategy has paid off in spades, with the company coming to dominate entire industries and quickly gaining on Apple as the most valuable publicly traded company in the world.

Inc on Tuesday became the second USA company to reach $1 trillion in stock market value, just weeks after Apple Inc hit the same milestone on August 2. "Amazon's cloud business is an extra growth driver that Apple doesn't have", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta who describes Amazon's cloud services as its "crown jewel".

Roger Federer stunned, dumped out of US Open by Aussie battler
When asked if he would be watching Federer's match, Djokovic said: "Well I'm going to first try and put the kids to sleep". Just two days ago, Millman described his third-round victory over Mikhail Kukushkin as the "biggest moment of my career".

Shares of the e-commerce giant gained about 2% in trading Tuesday to hit an all-time high of $2,050.27. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).

The company's success put its founder and chief executive Jeff Bezos top of the Forbes billionaires list this year.

Amazon reported almost $US53b in sales in the three months ended in June, with record quarterly profit of $US2.5b. In comparison, Apple has risen about 35.0percent in 2018.

Amazon's stock has increased nearly 600 percent in the last five years, including a more than 70 percent surge so far in 2018 alone.

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