Amazon temporarily became a $1 trillion company

Amazon temporarily became a $1 trillion company

Amazon has revolutionized how people shop online and is the world's dominant internet retailer. Apple topped the $1 trillion mark in early August. Amazon shares hit $2,050.49 shortly before noon on Tuesday, bringing the company's value above $1 trillion before declining slightly. Apple's stock price fluctuated in sync with Amazon's today, with a peak around 11:30 this morning and a trough about an hour later.

It is also a major streamer of video content on its Amazon Prime service.

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

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In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan. It has held above that level since October 27, 2017.

American e-commerce giant Amazon on Tuesday became the second publicly traded company in history to be worth $1 trillion (Rs 68 lakh crore) after its share price reached an all-time high of $2,050.50, up about 2% since the previous close, The Guardian reported.

The milestone is another sign of Amazon's swift rise from an online bookseller to a behemoth that sells toilet paper, TVs and just about anything. The shares climbed as high as $2,050.50 in intraday trading in NY, just above the $2,050.27 level that gives the ecommerce and cloud computing giant a market capitalisation of $1 trillion. Bezos's fortune was measured at just under $100 billion at the start of 2018, so he is theoretically up more than $66 billion in unrealized gains so far this year.

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