Equities Tech

Amazon shares rise as it becomes the second $1 trillion company

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Amazon shares ended higher in the US Tuesday and became the second publicly listed company to be valued at over $1 trillion. The stock briefly hit $2,050 per share during the Tuesday session, lifting its total valuation to that key level. However, it ended the day a little below that threshold.

Amazon shares closed 1.33% higher at $2,039.51, placing its total value at the end of the session at around $995 billion. The stock is currently a little lower in out-of-hours activity.

Amazon hits high in just 24 years

After being founded by Jeff Bezos in 1994, the Amazon stock listed at just $18 per share in 1997.

Now, just 24 years later, Bezos is the world’s richest man with a more than $160 billion fortune. And, his global tech and etailer business – which started out as an online bookstore – is one of the most valuable companies in the world.

The achievement comes after Amazon reported record profits of $2.5 billion in the second quarter. Amazon boasts numerous income streams and analysts are still betting the share price can rise even further. That’s largely down to the room for growth and expansion in its cloud services arm.

Whole Foods delivery expansion

While analysts continue to wax lyrical about Amazon’s tech achievements and cloud services, the global behemoth is also working hard to win over the US grocery shopping crowd.

Last week, Amazon announced a further expansion of its Whole Foods delivery service. Bezos’ grocer is now offering delivery of its goods in Columbus, Dayton, Portland, Greater Washington D.C. and additional areas of New York City, including Greenwich Village, Chelsea, Union Square and Murray Hill.

That brings the number of areas Whole Foods offers delivery to, to 28.

“We’ve been delighted with the customer response to delivery in as little as an hour through Prime Now, and we’re excited to bring the service to our customers in Columbus, Dayton, Portland, Greater Washington D.C. and even more neighborhoods in New York City,” said Christina Minardi, Whole Foods Market Executive Vice President of Operations.

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