Amazon becomes the country's second $1 trillion company

Amazon becomes world's second $1tn company

Amazon follows Apple to $1trn market value in tech share surge

Just a few weeks after Apple became the world's $1 trillion company, Amazon became the second to reach the historic marker: On Tuesday, as Amazon stock inched higher, the company's market capitalization briefly rose over $1 trillion.

On Monday a rise in the share price of Amazon, which is listed on the Nasdaq stock exchange in the USA, briefly took it above the trillion-dollar watermark for the first time with the company's value hovering clse to.

Inc on September 4 joined Apple Inc in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.

Amazon's shares are up 75 percent from the beginning of the year. And its cloud computing services for companies have become its main profit driver.

Shares in the world's largest online retailer last traded up 1.4 percent at $2,041.68.

Amazon has dominated USA retail as more consumers shift away from brick and mortar stores and toward online retailers.

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Prescription medicine would be a natural market for Amazon to expand into, according to Enderle.

Amazon founder Jeff Bezos is the world's richest man, worth over $150 billion. It's now a diversified global enterprise with more than $200 billion in annual sales and more than 575,000 employees.

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.

"It wasn't that long ago that people were freaking out about Walmart, and Amazon basically stepped on Walmart", analyst Enderle said. Amazon stock slipped below that threshold but has gained 1.17 percent as of 12:30 p.m. Bezos, Amazon, and the Bezos owned Washington Post have become frequent targets of criticism from President Donald Trump.

"If Amazon does have a downfall, it will be arrogance in dealing with the customer", Enderle said.

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