The American e-commerce giant, Amazon.com Inc. has passed the $1 trillion market valuation just a month after Apple. Now, Amazon is the world’s 2nd largest company by valuation after adding $434 billion to its market cap this year.
The interesting fact is that Amazon.com Inc. covered its last $200 billion in a three-month sprint, while Apple took 15 months to clear the same. Earlier, at the beginning of 2018, Jeff Bezos’ online superstore was valued at just $580 billion, but with a drastic jump of $2.5 billion in net income in the second quarter, compared to the $197 million in the second quarter of 2017, Amazon grabbed the $1 trillion goal.
Shares of the e-commerce giant rose 1.9 percent to $2,050.50, and the stock had gained a market value of $72 billion in the last seven days of trading. The most benefited person, and the Founder of Amazon.com Inc, Jeff Bezos has bagged $67 billion to his fortune, making his net worth $167 billion, and owns over 16 percent of Amazon which he founded in a garage in Seattle in 1994.
Upcoming contenders to achieve $1 trillion mark
Microsoft Corporation and Google’s parent company, Alphabet Inc. are rapidly advancing towards the $900 billion mark. On the other hand, Facebook crossed $500 billion in 2017. Recently, Microsoft passed Alphabet by about $10 billion, and as of now, the market value of the company is around $856.62 billion. The major products including its Windows, Surface, and gaming divisions made up roughly 35% of revenue with Office and productivity covered more than 30%.
Alphabet, Inc.’s revenue growth has accelerated from the 21% a year ago to the 58% this year. Revenues from Google’s cloud as well as devices like Pixel smartphones saw the strongest growth around 37% to $4.4 billion, making its market cap to $832.73 billion till date.