Published: Wed, September 05, 2018
Money | By Ethel Goodwin

Amazon becomes second United States firm to hit trillion-dollar market value

Amazon becomes second United States firm to hit trillion-dollar market value

Amazon's market valuation in recent weeks pulled ahead of two other tech giants - Google's parent company, Alphabet, and Microsoft - to hit the $1 trillion mark.

While Amazon's and Apple's runs created plenty of fanfare, they're not the first companies to hit the $1 trillion level. The stock closed at $2,039.51 Tuesday, about $11 short of keeping its valuation above $1 trillion.

This growth was made clear when Apple managed to become the first US-based trillion-dollar company earlier this year.

Amazon's share prices slightly receded after hitting the milestone, trading for $2036.95 at the time of writing.

Even more telling is Amazon's size when compared to the entire national stock markets of other countries. And Bezos's fortune has been skyrocketing as Amazon shares have soared in 2018: Through most of the year thus far, Bezos's net worth has been increasing at an average of roughly $260 million per day.

For the fiscal year 2017, Amazon and its 560,000 employees around the world reported total sales of $177.87 billion, netting it an adjusted profit of $6.15 per share, according to the company's annual report.

The company's success put its founder and chief executive Jeff Bezos top of the Forbes billionaires list this year. "Now that it has several high-margin revenue streams, we're seeing those doubts subside". Amazon Web Services provides cloud computing services to companies and government, and Amazon's advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site. His 16 percent stake in Amazon is now worth more than $160 billion. Bezos brought home an annual salary of $81,840 in 2017, according to regulatory filings.

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