Ama­zon is now big­ger than Wal-Mart

The Guardian (Charlottetown) - - WEEKEND BUSINESS -

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.

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