After Apple, Amazon hits $1 trillion market value milestone

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Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily.

Apple took nearly 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years.

Amazon shares, up 1.1 per cent at $2,035.68 last night, have soared by 75 per cent this year. Amazon stock has doubled in price over the past year, eclipsing the $2,000 mark on August 30.

For context, the entire USA stock market - the sum of all publicly traded American companies including Amazon - hit $30 trillion back in January. And its cloud computing services for companies have become a major driver of earnings and revenue.

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Amazon and Apple are now worth more than the economies of countries such as Turkey and Switzerland. "Amazon's cloud business is an extra growth driver that Apple doesn't have", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta who describes Amazon's cloud services as its "crown jewel". Amazon shares first hit $1,000 on October 27, 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%).

The company's blowout success made its founder and CEO, Jeff Bezos, No 1 on Forbes' billionaires list this year. Multiplied by the number of shares outstanding (487,741,189), that puts the company's book value just over the same symbolic milestone that Apple hit less than one month ago.

For graphic on Analyst Price Targets, click The stock is up 74.5 percent year to date. Amazon's stock is up almost 70 percent this year as US tech stocks continue to reach record highs.