Amazon Reaches $2 Trillion Market Capitalization

Two of Amazon’s Seattle headquarters towers rise above the Spheres. Sept. 10, 2023. (GeekWire Photo / Kurt Schlosser)

Amazon reached a $2 trillion market capitalization on Wednesday for the first time ever, joining a select group of U.S. tech companies to achieve this milestone.

Amazon’s stock has surged nearly 30% this year and more than 50% in the past 12 months, marking a significant rebound from 2022 amid the tech downturn. Shares closed Wednesday at $193.61, up 3.9% for the day.

Alphabet also surpassed the $2 trillion mark in April. Nvidia, Microsoft, and Apple are valued at over $3 trillion, buoyed in recent months by the AI frenzy and cost-cutting initiatives.

Amazon reached the $1 trillion mark in 2018.

Amazon’s stock over the past 12 months. (Google Finance screenshot)

Amazon exceeded expectations for its first quarter earnings in April, reporting $143.3 billion in revenue, up 13% year-over-year, and earnings per share of $0.98.

Amazon’s two major profit drivers, Amazon Web Services and advertising, posted year-over-year revenue growth of 17% and 24%, respectively.

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