Amazon Joins Apple In US$800B Club
E-commerce behemoth, Amazon, has joined the ranks of Apple, after shares jumped 1.4% overnight to $1,665.27 – catapulting the company into the exclusive US$800 billion market cap club.
Amazon’s market cap now sits around US$808 billion – a notable 42% increase for the year.
The news follows Amazon’s stellar first quarter revenue growth – its best in six years – and its second consecutive US$1 billion profit.
Californian rival, Apple Corp, has a market cap of around US$943 billion.
In April last year Amazon narrowed closer to Apple, with less than a US$35 billion differential between market caps.
By contrast, Google’s parent company, Alphabet, has notched one of the largest falls of the world’s largest tech companies. Alphabet hit the US$800 billion milestone in January, however, has since dropped below Amazon to around US$796 billion.
Amidst a global privacy saga, Alphabet shares have increase a comparatively minor 9.5% this year.