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Amazon Market Cap Hits $1.5 Trillion Milestone Amid COVID-19 Scare

Pritish raj by Pritish raj
July 7, 2020
in News, Tech
2 min read
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Amazon Prosperous Company Market Cap Ad Expense- Next Big Brand
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  • Amazon Hits $1.5 Trillion market cap for the first time after Apple & Microsoft crossed the milestone last month during the ongoing pandemic.

Amazon Hits $1.5 Trillion market cap for the first time.

Amazon stock has been a disproportionately strong performer, with the booming demand for e-commerce in the COVID-19 pandemic up to 61 percent year-to-date share. On Monday, shares traded above $3,000 for the first time outstripping the 12-month targets of many analysts: Wall Street analysts currently have a target of $2,803.75 on Amazon shares.

Writing in a recent report, Deutsche Bank’s Lloyd Walmsley boosted the bank’s target for Amazon shares to $3,333, a high street, noting that Amazon is the “strong winner” of COVID-related disruptions and, despite its high ratings of customer satisfaction, will continue to reap benefits even as the lockdowns ease.

In a survey, the bank found that consumers rated Amazon higher than their e-commerce competitors, including eBay, Walmart, and Target. Amazon is also well-prepared to manage fluctuations in demand thanks to improvements in its e-commerce infrastructure, Walmsley wrote.

From a longer-term perspective, what drives the stock of Amazon to such amazing heights is its dominance of not one, but two massive and fast-growing markets: e-commerce and cloud computing. Amazon controls the lion’s share of the U.S. and many other countries’ online retail market and Amazon Web Services is a clear leader in the global market for cloud infrastructure.

Together, these huge industries are projected to generate annual revenues of around $7 trillion by 2023.

Analysts surveyed by FactSet expect the total sales of Amazon to increase in the second quarter on average, with a forecast of $80.7 billion for the quarter ending June 30, up from $63.4 billion in the quarter of the year-ago. Amazon ‘s core e-commerce business encompasses most of its overall revenue, including its online stores and third-party seller services.

Walmsley wrote that the AWS revenue outlook isn’t as strong in the near term but the rapid adoption of cloud services during COVID-19 will expand Amazon’s cloud division’s long-term growth potential.

Recently, Nasdaq Composite hit 10,000 for the first time amid market mania in June. The large round number felt like a fitting milestone for the crucial role that tech played in keeping markets afloat over the last few months.

An equally remarkable feat came inside the celebration: Apple and Microsoft both closed the trading session with a market value of $1.5 trillion, the first time any American stock had reached this level, and the twin titans of American technology crossed the line together

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Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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