Amazon becomes second trillion-dollar company in U.S.

Is Amazon a monopoly

Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

Inc on Tuesday became the second U.S. company to reach $1 trillion in stock market value, just weeks after Apple Inc hit the same milestone on August 2.

It is also a major streamer of video content on its Amazon Prime service.

That may sound like a huge sum separating the two, but Amazon could actually surpass the iPhone maker in short order ー the stock's 74 percent gain this year is more than double that of Apple, and if shares of both companies keep the same pace, Amazon could close the gap by the end of the year.

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"It says a lot about Amazon and its ever-increasing dominance of segments of the retailing world as well as the web services business", said Peter Tuz, President Of Chase Investment Counsel In Charlottesville, Virginia. In the second quarter, AWS booked $6.1 billion in sales (up 49%), and generated an operating income of $1.64 billion (up 79%).

Shares of the e-commerce giant gained about 2% in trading Tuesday to hit an all-time high of $2,050.27.

Such astronomical growth from a small, Seattle book seller to one of the world's biggest companies, has made its founder and chief executive, Jeff Bezos, easily the richest person in the world. That milestone, just a month after it reached a $900 billion valuation threshold. The shares climbed as high as $2,050.50 in intraday trading in NY, just above the $2,050.27 level that gives the ecommerce and cloud computing giant a market capitalisation of $1 trillion. In comparison, Apple has risen about34.7 per cent year to date. Amazon's stock is up almost 70 percent this year as USA tech stocks continue to reach record highs.

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