Markets

Amazon is now worth $1,000,000,000,000

Amazon is now worth $1,000,000,000,000”

The e-commerce juggernaut hit the 13-digit milestone Tuesday morning when its stock briefly surged to $2,050.50, passing the $2,050.27 mark to win a $1 trillion market capitalization.

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

The development comes just a little over a month after technology giant Apple reached the $1 trillion mark.

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

Analysts said the success of the company's cloud business, Amazon Web Services, and rapidly-growing advertising arm have helped reassure investors who have long anxious about Amazon's profitability.

In the past quarter, Amazon posted its best-ever profit of US$2.5 billion as Bezos, whose stake in the company has made him the richest person, highlighted the importance of digital assistant Alexa that powers Amazon electronics along with cars, appliances and other connected devices.

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Amazon.com Inc on Tuesday briefly joined Apple Inc to become the second $1 trillion (777.79 billion pounds) publicly listed US company after its stock price more than doubled in a year as it grew rapidly in retail and cloud computing.

Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland. Amazon stock slipped below that threshold but has gained 1.17 percent as of 12:30 p.m. 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.

For graphic on Analyst Price Targets, click https://reut.rs/2NHwHQq The stock is up 74.5 percent year to date.

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