Amazon hits trillion dollar valuation for the first time

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Amazon trillion

Amazon has become the second publicly traded company to be worth $1 trillion, just weeks after fellow retailer and tech rival Apple achieved a similar feat.

Amazon’s stock rose 1.7 per cent yesterday, putting its market value at just over $1 trillion (£780 billion), although it dropped back slightly after that.

Apple topped that mark in early August.

Amazon has expanded well beyond its online bookseller beginnings, now combining a world-spanning retail operation with an advertising and cloud computing businesses.

It has also introduced smart devices like Alexa and the Prime membership programme that offers fast, free shipping as well as music and video streaming.

In recent years Amazon has invested heavily in its UK operations, building distribution centres, offices and tech hubs while creating thousands of local jobs.

Despite this, Amazon’s advertising and cloud computing divisions have helped offset the high costs associated with running its online store.

The company saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses kept growing.

The company’s success has made its founder and chief executive Jeff Bezos one of the richest men in the world.

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