Just weeks ago, Apple created history by becoming the first company to reach the $1 trillion mark. Now, Amazon achieved the feat and has joined Apple in the ‘trillion-dollar club.’
Meanwhile, the experts believe the internet shopping giant could even be bigger than the makers of iPhone. The company has had massive strides after its humble beginnings two decades ago. The company’s success had managed to push the founder and CEO, Jeff Bezos, on top of Forbes’ billionaires list this year.
The company has managed to satisfy customers through smart devices like Alexa and the Prime membership – a service that offers free next day deliver as well as music and video streaming perks.
Amazon’s shares last traded up 1.4 percent at $2,041.68. The online retailer’s shares then hit the $2050.2677 level to give its stock a value of $1 trillion.
Amazon crossed the $2,000 threshold for the first time on August 30 after doubling its price in just 10 months. And they first hit $1,000 on October 27, 2017.
However, it was tech giant Apple that was named as the first publicly listed US company to be valued at $1,000,000,000,000, on 2 August.
Even with Amazon hitting the $1 trillion mark, Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long way to go – but say they, one day, could end up bigger then Apple.
He said: “Amazon has now become the second company to reach a trillion dollar valuation, following Apple in August this year.
“The difference between the two is that Amazon has room to grow within its two main businesses.
“The company continues to experiment with new products and push into new geographies. Although it is well established in the US and UK, it has huge scope to grow in the rest of Europe and Asia, especially India.
“We expect Amazon to continue doing well going forward, with the company having a proven ability to expand into new markets.
“While the share price has doubled over the past year, we are long-term believers in the case for the company, and continue to be confident in our positions.”