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AFP
New York
Amazon for the first time closed out Monday’s session as the world’s biggest company by market capitalization, overtaking Microsoft and other fellow tech behemoths.
The online sales goliath assumed the top spot after notching a 3.4 percent gain to finish with a market capitalization of $796.8 billion, about $13.2 billion more than Microsoft.
Led by Chief Executive Jeff Bezos, Amazon has seen remarkable growth as its business has spread beyond its origins as an online bookseller to myriad other retail categories.
Revenues jumped from $74.5 billion in 2013 to $177.9 billion last year and are projected to reach $232.3 billion in 2018.
Even with its latest distinction as top dog in market value, Amazon’s market capitalization stands well below its own peak in September, when it crossed $1 trillion before Wall Street’s late-2018 selloff.
Amazon’s retreat during the pullback has been less steep than that of other tech titans.
Apple, long the world’s biggest company by market capitalization first lost the distinction in late November and is currently fourth with $702 billion, behind Amazon, Microsoft and Google parent Alphabet, which has a value of $745.2 billion.
Created in a garage in a suburb of Seattle, Washington, the company, originally dubbed “Cadabra,” sold its first book -- Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought by Douglas Hofstadter -- in mid-1995.
New York
Amazon for the first time closed out Monday’s session as the world’s biggest company by market capitalization, overtaking Microsoft and other fellow tech behemoths.
The online sales goliath assumed the top spot after notching a 3.4 percent gain to finish with a market capitalization of $796.8 billion, about $13.2 billion more than Microsoft.
Led by Chief Executive Jeff Bezos, Amazon has seen remarkable growth as its business has spread beyond its origins as an online bookseller to myriad other retail categories.
Revenues jumped from $74.5 billion in 2013 to $177.9 billion last year and are projected to reach $232.3 billion in 2018.
Even with its latest distinction as top dog in market value, Amazon’s market capitalization stands well below its own peak in September, when it crossed $1 trillion before Wall Street’s late-2018 selloff.
Amazon’s retreat during the pullback has been less steep than that of other tech titans.
Apple, long the world’s biggest company by market capitalization first lost the distinction in late November and is currently fourth with $702 billion, behind Amazon, Microsoft and Google parent Alphabet, which has a value of $745.2 billion.
Created in a garage in a suburb of Seattle, Washington, the company, originally dubbed “Cadabra,” sold its first book -- Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought by Douglas Hofstadter -- in mid-1995.
