Amazon Is the Fifth Company in History to Join the Coveted $2 Trillion Tech Club The company's valuation skyrocketed on Wednesday.
By Emily Rella Edited by Melissa Malamut
Key Takeaways
- Amazon reached over $2 trillion in valuation on Wednesday.
- This marks the fifth company in history to reach such a feat.
- The news comes away of Amazon's annual Prime Day event, which is slated for next month.
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Amazon hit $2 trillion in valuation on Wednesday, making it the fifth company to reach the mark.
Amazon joins Alphabet (Google's parent company), Microsoft, Apple, and AI chip maker Nvidia in the coveted club.
The news comes ahead of Amazon's highly-anticipated Prime Day, slated for July 16 and 17, which offers shoppers deals and bundles across many areas of retail products.
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Amazon was up around 4% by the end of the day Wednesday, marking a 52% increase in the last year.
The online retail company had a stellar Q1 2024 with a 13% net increase year over year in sales reaching $143.3 billion, with a 12% increase in North American sales annually.
"It was a good start to the year across the business, and you can see that in both our customer experience improvements and financial results," said Andy Jassy, Amazon President and CEO, in a company release. "It's very early days in all of our businesses and we remain excited by how much more we can make customers' lives better and easier moving forward."
Related: Amazon Swaps Plastic Pillows For Paper Shipping Materials
Amazon was up just shy of 2.6% in a 24-hour period on Thursday afternoon, and up 53% year-over-year in the same time frame.
As of Thursday afternoon, the company was valued at $197.87 per share.
