Amazon becomes world’s second $1tn company

  • Amazon crosses the mark five weeks after Apple reached $1 trillion in early August.
  • Analysts cite the company’s ever-diversifying portfolio as a value driver.

Amazon market cap hit $1 trillion on Tuesday, becoming the second publicly traded U.S. company to reach the milestone valuation after Apple.

READ  Musk overtakes Gates as world's second-richest... TESLA Hits Half Trillion Mark... Hackers say they can steal Model X in minutes

Shares of the e-commerce giant rose nearly 2 percent to a high of $2,050.50 in morning trading. The stock needed a price of $2,050.27 to reach the $1 trillion mark, based on an outstanding count of 487,741,189 shares in the company’s most recent quarterly report in July. By early afternoon Tuesday, the stock was at $2,035.64.

Analysts cite the company’s ever-diversifying portfolio as a value driver. Last year, Amazon launched into the grocery industry with its purchase of Whole Foods Markets. It is rounding out its hardwareand logistics segments with last-mile deliveries, and it’s pushing forward in advertising to challenge Facebook and Google.

www.cnbc.com/2018/09/04/amazon-hits-1-trillion-in-market-value.html