Amazon's market value tops $1 trillion

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At $2,050.27 its shares are up around 136,584% since its IPO. That puts the company's market capitalization-the number of its outstanding shares multiplied by share price-at $1 trillion.

The development comes just a little over a month after technology giant Apple reached the $1 trillion mark. While Apple's iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon's blistering sales growth. It also provides video streaming services and bought upscale supermarket Whole Foods.

Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily. And its cloud computing services for companies have become a major driver of earnings and revenue.

That may sound like a huge sum separating the two, but Amazon could actually surpass the iPhone maker in short order ー the stock's 74 percent gain this year is more than double that of Apple, and if shares of both companies keep the same pace, Amazon could close the gap by the end of the year. For added reference, the company's stock reached $1,000 in October of 2017, and broke $100 in October of 2009. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%). Now, just a month and change later, Amazon has done the same - however briefly.

The firm is expected to account for roughly half of all online shopping sales in the USA this year - and almost 5 percent of the country's overall retail market, according to research firm eMarketer. Its shares hit the $2050.2677 level to give its stock a value of $1 trillion.

Amazon - founded as an online book-retailer in Chief Executive Jeff Bezos' garage in 1994 - started trading on May 15, 1997 at $1.50 on a split-adjusted basis.