Amazon.com Inc. (NASDAQ: AMZN) finally has reached the $1 trillion mark, if only briefly. The e-commerce empire reached this milestone around noon Eastern on Tuesday but shares quickly retreated.
Apple Inc. (NASDAQ: AAPL) crossed the $1 trillion level last month, making it the largest publicly traded company in the world.
These two stocks were constantly compared on their race to $1 trillion, and while many had Apple picked to cross the finish line first, it was still recognized that Amazon has been rapidly closing the gap.
So what’s next? Amazon is easily outpacing Apple in terms of growth, and at this rate Amazon most likely will reach $2 trillion well before Apple.
Year to date, Apple shares are up only 34.5%, while Amazon is up closer to 72%. Over the past 52 weeks, Amazon has just more than doubled while Apple is up 39%.
Amazon is expected to see revenues of $234.9 billion for the 2018 full year, compared with its revenues of $177.87 billion in 2017.
Consensus estimates call for Apple to recognize revenues of $263.52 billion for the 2018 fiscal year (ending in September). The previous fiscal year reportedly had revenues of $229.23 billion.
Shares of Amazon were last seen up nearly 1% at $2,030.46, with a consensus analyst price target of $2,127.17 and a 52-week trading range of $931.75 to $2,050.50.