Amazon becomes the 2nd U.S. company to join the $1 trillion club


Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

But, is Apple really comparable to Amazon?

Amazon has become the second USA public company to cross the $1 trillion valuation threshold this year.

For graphic on Amazon vs Apple, click Amazon 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. But that strategy has paid off in spades, with the company coming to dominate entire industries and quickly gaining on Apple as the most valuable publicly traded company in the world.

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By October 2009 it had risen to $100 and the stock hit $1,000 for the first time on May 30, 2017. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%). Though it was a briefly-held position, given the erratic nature of the stock market, it was an exciting milestone nonetheless.

Amazon's stock has gained over 70% in 2018, according to CNBC.

Such astronomical growth from a small, Seattle book seller to one of the world's biggest companies, has made its founder and chief executive, Jeff Bezos, easily the richest person in the world.

Following its new peak, Amazon's stock immediately began to tumble, coming to rest at $2,024.67 around 12:30 p.m. before regaining some value and stabilizing at about $2,040 per share.