Amazon nearly overtakes Microsoft in market value

By on
Amazon nearly overtakes Microsoft in market value

Amazon.com on Wednesday was on the verge of ending the day with a stock market value higher than Microsoft's for the first time, as the online shopping behemoth weathered the recent turmoil on Wall Street.

Amazon's stock was down 1.14 percent, bringing its market capitalisation to US$690.4 billion, while software maker Microsoft's 1.83 percent fall depressed its market capitalisation to US$690.3 billion.

Bolstered by blockbuster quarterly results, Amazon's stock gained 3.8 percent over the three sessions ended Tuesday, even as Wall Street struggled through a rout that has raised fears that a nine-year bull market may be ending.

Microsoft lost about 3.1 percent over the three sessions ended Tuesday.

Amazon's market cap at points on Wednesday during intraday trade already topped that of Microsoft, but it has never closed at a higher value.

Amazon's explosive growth in retail and cloud computing has sent its shares 77 percent higher over the past year, outpacing Microsoft's 42 percent rise.

Apple's US$819 billion market capitalisation remains Wall Street's largest, followed by Alphabet, the parent of Google, at US$736 billion.

 

(Reporting by Noel Randewich; Editing by Leslie Adler)

Got a news tip for our journalists? Share it with us anonymously here.
Tags:

Most Read Articles

You must be a registered member of CRN to post a comment.
| Register

Poll

How's business been for you this year?
Business is up
Steady, nothing to report
Business has been down
View poll archive

Log In

Username / Email:
Password:
  |  Forgot your password?