Yahoo Finance Amazon (briefly) joins Apple in the $1 trillion club
At about 11:42 a.m. ET, Amazon (AMZN) briefly became the second U.S.-listed company to be worth $1,000,000,000,000. The stock fell back below the threshold and ended Tuesday up 1.33% at $2,039 per share.
The price of a single share of Amazon touched $2050.2677. Multiply that by 487,741,189 shares outstanding and you get $1 trillion. Apple (APPL) crossed that threshold on August 2.
Amazon’s stock is up more than 600% over the past five years.
‘There are three things going for Amazon right now‘
Amazon is known for an increasingly robust ecosystem of services ranging from its Amazon Prime paid subscription service to Amazon Web Services (AWS) — which provides on-demand cloud computing platforms — to the Whole Foods Market grocery chain and live-streaming video platform Twitch.
“There are three things going for Amazon right now,” Nela Richardson, an investment strategist at Edward Jones, told Market Movers on Tuesday. “First is that strong consumer sentiment that lifted the tide for all retailers in the second quarter. We saw that with Amazon.
“Second, they are outpacing competitors in cloud computing so they are tackling the corporate sector just as hard as they are tackling the consumer sector when it comes to the competition.
“And thirdly, it’s this digital advertising. Amazon has multiple platforms to really leverage and this is a high-margin business and as we just saw when you opened up this segment, they are making it inroads in India — bigger markets even in the US.”
Adriana Belmonte contributed to this post.
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