Amazon joins $1 trillion club, on pace to overtake Apple

Amazon joins $1 trillion club, on pace to overtake Apple

Amazon went public at $18 a share in 1997 - on Tuesday those shares hit $2,050, pushing the value of the whole company over $1trn.

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

By the end of that year, Amazon was selling books online throughout the US.

Amazon retreated slightly after hitting the milestone, and near 1545, it was up 1.3 percent to $2,038.71. But in 2018, Amazon first reported profit of nearly $2 billion and then another quarter of more than $2 billion.

One of Amazon's revenue drivers is its Prime subscription service which offers streaming video and music, free delivery and other perks and which has more than 100 million members worldwide. Amazon shares first hit $1,000 on October 27, 2017. And even less so when it's the value of a 24-year-old company with a plethora of business units in addition to its core retail focus.

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Inc. shares rose as much as 1.9%, pushing the company briefly beyond a market value of $1 trillion, a milestone Apple Inc. reached last month.

The president frequently attacks Amazon founder and CEO Jeff Bezos, who also owns the Washington Post, and links the online retailer to the newspaper's White House coverage.

GlobalData Retail managing director Neil Saunders called Amazon's valuation achievement "extraordinary" and considered it a sign of the company's potential.

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

He added: "We continue to aspire to be Earth's most customer-centric company, and we recognize this to be no small or easy challenge".

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