Washington : Amazon.com on Tuesday joined Apple in the $1 trillion club, becoming the second member of the group after its stock price doubled in 15 months.
If the online retailer’s share price continues at its recent pace, it will be a matter of when, not if, Amazon’s market valuation eclipses that of iPhone maker Apple, which reached $1 trillion on Aug. 2. Apple took almost 38 years as a public company to achieve the trillion dollar milestone, while Amazon got there in 21 years. While Apple’s iPhone and other devices remain popular and its revenues are growing, it is not keeping up with Amazon’s blistering sales growth.
Amazon has impressed investors by successfully diversifying its business into virtually every corner of the retail industry, altering how consumers buy products and putting major pressure on many brick-and-mortar stores. It also provides video streaming services and bought upscale supermarket Whole Foods. And its cloud computing services for companies have become a major driver of earnings and revenue. “Amazon’s a little bit more dynamic than Apple because the iPhone has become more mature. Amazon’s cloud business is an extra growth driver that Apple doesn’t have,” said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta.
India arm unveils Hindi website
New Delhi: Amazon on Tuesday launched its marketplace in Hindi as it looks to take on Flipkart, and woo a 100 million new shoppers coming online. Websites and apps of Flipkart and other players like Snapdeal, Paytm Mall and ShopClues are available only in English and the desi avatar of Amazon will allow it to capitalise on the vast, untapped market of Hindi-speaking customers. This launch will enable crores of Hindi-preferring customers across India to shop in their preferred language,” Amazon India VP, Category Management Manish Tiwary said.
