Amazon is now bigger than Wal-Mart
It's official: Amazon is bigger than Wal-Mart.
Amazon shares surged 15 per cent on Friday after the e-commerce powerhouse reported a surprise second-quarter profit and a better-than-expected 20 per cent jump in revenue.
The sharp increase in shares brought Amazon's market value to $259.1 billion, more than its biggest rival, Wal-Mart Stores Inc., signalling a sea change in retailing. Amazon, which just turned 20, is now valued higher than the world's largest retailer.
Bentonville, Arkansas-based Wal-Mart Stores is valued at about $231.7 billion. The company, with 11,767 stores worldwide, still has much higher sales, $485.65 billion in the year ended Jan. 31, compared with Amazon's $89 billion in annual revenue last year.