Amazon’s market capitalisation broke through $500bn yesterday, as investors pushed the company’s share price to a record high ahead of today’s earnings report, a sign Wall Street is already pricing in a strong quarter.
The Seattle-based company joined Microsoft, Apple and Google parent Alphabet in the half-trillion dollar club, at a time when tech stocks have been on a tear. Last week, the S&P 500 tech index surpassed its 2000 dotcom peak.
Amazon is far less profitable than other club members — net income was less than 2 per cent of revenue over the past 12 months. But its share price has risen 40 per cent this year, trading at $1,050.40 in early afternoon yesterday.
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