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It seems that Amazon’s continuing growth isn’t slowing down. The online retail giant passed a major milestone yesterday as its shares jumped 1.89 percent, moving beyond the $800 mark for the first time and closing at $804.70 per share.
The company’s stock has more than doubled in the 17 months since it first passed $400 per share – good news for Amazon and even better news for its CEO Jeff Bezos, whose worth has increased by $721.7 million.
Amazon now has a market cap of over $380 billion. Not only is this twice what it was in April last year, but it means the firm currently sits behind Apple ($617.51B), Alphabet ($554.36B), and Microsoft ($458.10B) as the fourth most valuable company in the US.
Q2 2016 was Amazon’s most successful quarter yet. It posted profits of $857 million – an increase of 800 percent compared to the same period a year earlier. The company has now seen record profits for 3 quarters in a row.
A lot of Amazon’s success comes from its cloud computing business, Amazon Web Services (AWS). The platform looks set to generate $10 billion in total sales this year, while revenue increased 58 percent in the last quarter to $2.89 billion.
With Amazon Prime memberships predicted to hit 93 million by the end of 2016, the increasing popularity of its own products such as the Amazon Echo, and the fourth quarter holiday season fast approaching, expect the company to continue growing at a dizzying pace. Wall Street analysts say the share price will likely climb beyond the $1000 mark before the year is out.