Amazon is now second most valuable Us-listed company
NEW YORK: Amazon.com became the second most valuable publicly listed US company on Tuesday, surpassing Google parent Alphabet Inc for the first time.
Amazon shares finished up 2.69 per cent at $1,586.51, for a market capitalization of $768 billion, underscoring Wall Street’s confidence in its relentless expansion into cloud computing, groceries and other new businesses.
Alphabet lost 0.39 per cent, trimming its stock market value to $762 billion, as Wall Street fretted about regulatory fallout following revelations that a political consulting firm had improperly obtained personal data on 50 million Facebook Inc users.
Together, Alphabet and Facebook dominate online advertising. They have previously faced government criticism for how they employ their user data.
Amazon’s stock has surged 81 per cent over the past year, through Monday, bolstered by scorchingly fast revenue growth as more shopping moves online and businesses shift their computing operations to the cloud, where Amazon Web Services leads the market.
“They’re using their cash flow to develop new businesses,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “They could have Apple in their sights at some point.”
Seattle-based Amazon dislodged Microsoft Corp as the No 3 US firm by market capitalization in February. Apple is the world’s most valuable publicly listed company, with a market capitalization of $889 billion.