Amazon pushed past the highly coveted $1 trillion market valuation on Friday, once again crossing the mark it briefly set in 2018 and again in 2019.
Four total technology companies have joined the four-comma club in the U.S., with Alphabet achieving that feat just over two weeks ago along with Apple and Microsoft solidified above $1 trillion.
Fourth quarter earnings for Amazon were much higher than anticipated, leading to a nearly 10 percent surge in the company’s stock value to above a record $2,000 share price. Many point to Amazon’s hugely successful cloud services business as the driver for their recent growth. Amazon Web Services has dominated the cloud business, holding 39 percent of the global market share as of the third quarter in 2019.
Amazon predicts continued growth moving forward into the first quarter of 2020, with year over year growth forecasted to be between 16 and 22 percent.