Published: Wed, September 05, 2018
Money | By Michele Stevens

Amazon Won’t Be Second to Apple for Long

Amazon Won’t Be Second to Apple for Long

Last month, Apple became the first USA company to become a $1 trillion company.

It's official: Amazon is the second American company to achieve a valuation of more than $1 trillion.

"Despite its size and scale, there is still something young about Amazon", Saunders said. Now, just a month and change later, Amazon has done the same - however briefly.

Ben Barringer, an equity research analyst at Quilter Cheviot, said Amazon still has a long to way go, which means it could end up bigger then Apple.

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Amazon's shares debuted at $18 on May 15, 1997.

The company for more than a decade put growth over profit, investing heavily in warehouses, distribution networks, and data centers. This made it hard to determine the company's actual value.

"They kept their eye on the prize, which was initially to take over most of commerce". And its cloud computing services for companies have become a major driver of earnings and revenue.

Amazon shares, up 1.1 per cent at $2,035.68 last night, have soared by 75 per cent this year.

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Prescription medicine would be a natural market for Amazon to expand into, according to Enderle.

Bezos is now worth over $165 billion, well ahead of runner-up Bill Gates, whose wealth clocks in at just over $98 billion, according to Bloomberg. It's now a diversified global enterprise with more than $200 billion in annual sales and more than 575,000 employees.

The Seattle-based company has cemented customer loyalty through smart devices like Alexa and the Prime membership program that offers fast, free shipping as well as music and video streaming perks.

This article was written by Abha Bhattarai, a reporter for The Washington Post.

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