Amazon.com, Inc. (NASDAQ: AMZN) market value has now reached USD 900 Billion for the first time ever. Amazon’s stock continues to soar and is now threatening to displace Apple as the most valuable publicly-traded firm on Wall Street.
This news was reported after Amazon’s sales event known as Prime Day, which saw the company sell more than 100 Million products worldwide, regardless of suffering technical glitches that prevented a number of customer to access the site.
Apple, which has had a huge success with is iPhone smartphone, is currently valued at around USD 935 Billion.
After the announcement of its Prime Day success, Amazon’s stock briefly touched USD 1,858.88, giving the Company a market valuation of USD 902 Billion. Amazon’s stock has surged more than 57% in 2018, bringing its increase to over 123,000% since it listed on NASDAQ in 1997.
Investors who bough a single share of Amazon for USD 18 in the IPO would now have an investment worth more than USD 22,200.
Amazon and Apple are both struggling for dominance on Wall Street as they both strive to be the most valuable firm, with an estimation of USD 1 Trillion, which is a very real possibility in the future.
Apple has seen an increase itself over the course of 2018, with the Company’s shares going up by 12%, bringing its stock market value to USD 935 Billion.
As Amazon grows into the grocery market through its purchase of Whole Foods Market, and as more businesses move their IT departments onto the cloud, its stock price has been very popular, recently trading at 111 times expected earnings. Apple however, is more profitable but slower growing at 15 times earnings.
Amazon also removed Microsoft as the third most valuable US company by market capitalization in February. Since then, Microsoft has been taken over by Google-owner Alphabet.