The World’s Most Valuable Company Is No Longer Microsoft, It Is Amazon
The world’s most valuable company is no longer Apple or Microsoft. But that has now changed. Amazon is now the new global leader.
Amazon for the first time closed out Monday's trading session as the world's biggest publicly-traded company, overtaking Microsoft and other fellow tech behemoths.
The online sales Goliath assumed the top spot after notching a 3.4% gain to finish with a market capitalisation of $796.8 billion, about $13.2 billion more than Microsoft, AFP reports.
Led by Chief Executive Jeff Bezos, Amazon has seen remarkable growth, as its business has spread beyond its origins as an online bookseller to myriad other retail categories.
Revenues jumped from $74.5 billion in 2013 to $177.9 billion last year and are projected to reach $232.3 billion in 2018.
Even with its latest distinction as top dog in market value, Amazon's market capitalisation stands well below its own peak in September, when it crossed $1 trillion before Wall Street's late-2018 selloff.
Amazon's retreat during the pullback has been less steep than that of other tech titans.
Apple, long the world's biggest company by market capitalisation first lost the distinction in late November and is currently fourth with $702 billion, behind Amazon, Microsoft and Google parent Alphabet, which has a value of $745.2 billion.
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