Amazon Hits $1 Trillion Valuation

Lindsey Wasson  Reuters

Lindsey Wasson Reuters

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.

This temporary achievement plants Amazon firmly among the ranks of Apple and PetroChina, the only other worldwide companies who have performed the same feat.

Amazon on Tuesday became the second USA public company after Apple to hit the $1 trillion valuation mark.

The Seattle-based company has cemented customer loyalty through its Echo voice devices and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

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Shares in the world's largest online retailer last traded up 1.4% at $2,041.68.

The company's stock gained 2 percent on Tuesday, hitting $2,050.27 per share.

Inc on September 4 joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.

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

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On Monday a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the U.S., briefly took it above the trillion-dollar watermark for the first time with the company's value hovering clse to. Apple's valuation has risen to $1.1 trillion since it first passed the threshold.

'The difference between the two is that Amazon has room to grow within its two main businesses.

"We expect Amazon to continue doing well going forward, with the company having a proven ability to expand into new markets". The company's share price needed to rich $2050.27 in order to reach $1 trillion.

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