Amazon tops US$1 trillion in stock market value

Amazon tops US$1 trillion in stock market value

It needed to reach $2,050.27 to cross the trillion-dollar threshold, based on the count of 487,741,189 shares from Amazon's most recent quarterly report in July.

Shares in the e-commerce giant rose almost 2% to a high of $2,050.50 in morning trade before slipping back.

Apple was named as the first publicly listed U.S. company to be valued at $1,000,000,000,000 on August 2.

Amazon has dominated USA retail as more consumers shift away from brick and mortar stores and toward online retailers.

Amazon's shares last traded up 1.4 percent at $2,041.68.

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

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Amazon is the second corporation to exceed $1 trillion in value after Apple, which crossed the threshold 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, Georgia who describes Amazon's cloud services as its "crown jewel".

"Amazon's a little bit more dynamic than Apple because the iPhone has become more mature". Most notable was the speed with which Amazon hit the milestone, with its shares having more than tripled in the past three years.

The tech and retail behemoth, founded as an online bookstore by CEO Jeff Bezos in 1994, has only been consistently profitable since 2015.

He said: "Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year". It has held above that level since October 27, 2017.

Amazon now trades up 74.0 percent for the year to date.

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