Amazon hits the $1 trillion market cap after a sharp rise in stock price
January 31, 2020 | Investopaper
The market capitalization of Amazon has gone past the $1 trillion mark after the share price soared by almost 11 percent on Thursday. The reason behind the sharp rise in the stock price is the fourth-quarter report that beat the expectation of analysts by a huge margin.
The powerful earnings report has brought excitement among investors which caused the share price to rise sharply. The company has joined Apple, Alphabet, and Microsoft in the list of companies having more than $1 trillion market cap.
EPS of the company was reported to be at $6.47 per share while revenue grew by 21 percent to $87.44 billion. Amazon web services also generated $9.95 billion. The CEO of the company Jeff Bezos said that more people joined Amazon prime this quarter than ever before.
