Business

Amazon Becomes 2nd Trillion Dollar Company After Apple, Jeff Bezos Net Worth Rockets

JAVED SAIFI | 0
3466
| September 6 , 2018 , 14:28 IST

After the Apple Inc corporation, now it is the Amazon-an E-commerce company that crossed a $1 trillion dollar market cap on Wednesday.

After a rise in shares value of the company to $2,050.50 per share on Tuesday, Amazon becomes the second US company to reach a milestone mark being founded in 1994, 18 years after Apple incorporation.

With a hike in the market value of the company its founder, Jeff Bezos' net worth rocketed to $166 billion, gaining him a strong position to maintain the first position to be the richest person in the world.

Also Read: Apple Becomes World's 1st Company To Reach Trillion-Dollar Market Value

The reason Amazon was able to accomplish the mark is this year the company’s share price rose by 66 percent with $235 billion in revenues collection for the full year.

In North America the Company’s revenue rose by 36 percent to $144 billion, international revenue rose by 27 percent to $69 billion and Amazon web services revenues rose by over 40 percent to $25 billion for the company in 2018.

At the beginning of the year, Amazon's share price was at $1,200 and since January 2017 Amazon’s stock has surged from around $800 to over $2,000 with a market cap from $360 billion to $1 trillion.

According to a Forbes report, Amazon’s core e-commerce and complementing grocery, in-house products (Echo, Kindle) and subscription (Prime) revenues have contributed meaningfully to revenue growth in this year for the company.

Amazon has also successfully managed to improve its profitability in recent years and has been successful in maintaining dominance in the e-commerce world business.

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