After Amazon’s announcement of wonderful second quarter profit along with a 20 percent revenue which is more than what was expected, the share price of Amazon has increased by 15 percent.
Amazon is an online retailer founded by Jeff Bezos, is completing it’s 20th anniversary this year whereas Walmart is the biggest retailer in the World with more than 11,767 offline stores. Both of these are considered biggest rivals in the retail market with Walmart’s revenue at $485.65 Billion per year which is much higher than Amazon’s $89 Billion per year.
But with the increase in share price, Amazon’s market value increased to $259.1 Billion which is bigger than Walmart’s value which is valued at $231.7 Billion. Recently Facebook became valuer than Walmart and now with Amazon’s new announcement, Walmart is knocked out of the Top 10 Most Valued companies list of Standard & Poor’s 500 Index.
Amazon said much of it’s success is attributed to the effective and well performing Cloud computing division whose revenue alone made up $ 1.82 Billion which is 81 percent more than the previous term. Now, Amazon’s share price stand around $72 at an all time high and it has been increased by 32 percent over the last year!
Watch this coverage by CNBC on Amazon’s fantastic Q2!
Way to go Amazon! With your new brick and mortar offices and other innovative announcements, we hope you soon become most valued company as well 🙂
Author: StoryGAG Official
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