Amazon hits $1000 a share for the first time

Boosted by the Seattle-based web giant's steady growth in sales and profits, investors pushed Amazon's stock briefly over $1,000 a share in early Tuesday trades.

Jeff Bezos' massive online retailer - home to Amazon Studios and Amazon Prime Video - just hit $1,000 per share for the first time ever.

Now, it has hit a high of $1,001.20 as markets opened in NY, edging up 0.5 per cent from its close before the holiday weekend.

That price puts Amazon's market value at about $478 billion, double that of rival Wal-Mart and more than 15 times the size of Target. And with its "Prime" subscription service, it also has become a creative force in Hollywood and beyond. Amazon alone accounts for about 43 percent of U.S. online sales, according to consultancy Slice Intelligence.

Shares of Amazon are reaching unprecedented levels.

Amazon topped estimates in late April when it posted revenue of $35.7 billion and an earnings per share of $1.48, sending the stock on its upward trend.

As readers can see, at the time of this publishing, shares had climaxed at $1,001.20 apiece. It split two for one in June 1998, three for one in January 1999 and again two for one in September 1999.

Amazon now is the fourth biggest company by market capitalization after Apple, Google parent Alphabet and Microsoft.

  • Zachary Reyes