INSUBCONTINENT EXCLUSIVE:
Amazon's stock has surged more than 57% in 2018.SAN FRANCISCO: Amazon.com's stock market value reached $900 billion on Wednesday for the
first time, marking a major milestone in its 21-year trajectory as a publicly listed company and threatening to dislodge Apple as Wall
Street's most valuable jewel.After Jeff Bezos founded the online book-selling company in his garage in 1994, Amazon survived the dot-com
crisis and then expanded across the retail industry, altering how consumers buy products and setting off a Darwinian struggle among
brick-and-mortar stores.After announcing on Wednesday that it sold more than $100 million products during its annual Prime Day sale, the
Seattle, Washington company's stock briefly touched $1,858.88, giving Amazon a stock market value of $902 billion
It later reversed, trading down 0.16 per cent for the session.Amazon's stock has surged more than 57 per cent in 2018, bringing its
increase to over 123,000 per cent since it listed on the Nasdaq in 1997
An investor who bought 1 share of Amazon for $18 in the IPO would now have an investment worth more than $22,200, including three stock
splits in the 1990s.Amazon video streaming service Netflix and a handful of heavyweight technology companies have fueled Wall Street's
rally in recent years and they remain key parts of portfolio managers' portfolios.Apple replaced Exxon Mobil in late 2011 as the US company
with the largest stock market value
The Silicon Valley company's shares have risen 12 per cent in 2018, bringing its stock market value to $935 billion.The calculations for
Apple and Amazon's market capitalizations are based on the number of shares outstanding in their March-quarter reports
Amazon has increased its share count by over 1 million shares per quarter in recent years, and if it continued that in the June quarter, its
stock market value may already have exceeded $900 billion.Amazon reports its results on July 26 and Apple, which has been reducing its share
count through buybacks, reports its June-quarter results on July 31.As Amazon expands into grocery retail through its acquisition of Whole
Foods Market last year, and as more businesses move their IT departments onto the cloud, its stock price has been red hot, recently trading
at 111 times expected earnings, compared to more-profitable - but slower growing - Apple's valuation of 15 times earnings.Amazon dislodged
3 US company by market capitalization in February
edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
