Amazon Inc (NASDAQ: AMZN)
A strong rally in the NASDAQ Composite Index has pushed Amazon’s market capitalisation past the US$2 trillion mark for the first time. Shares of the e-commerce behemoth are up 29% year-to-date to close at US$193.61 on 27 June, giving the company a market capitalisation of US$2.01 trillion. Amazon now joins the ranks of an elite bunch of technology stocks that have surpassed the US$2 trillion threshold such as Alphabet (NASDAQ: GOOGL), Nvidia (NASDAQ: NVDA), Apple (NASDAQ: AAPL), and Microsoft (NASDAQ: MSFT). The e-commerce outfit reported a stellar set of earnings for the first quarter of 2024 (1Q 2024). Sales increased by 12.5% year on year to US$143.3 billion while operating profit soared 220% year on year to US$15.3 billion. Net profit came in at US$10.4 billion, more than triple the US$3.2 billion reported a year ago. Amazon also generated a positive free cash flow of US$4.1 billion for the quarter,...Welcome to this week’s edition of top stock market highlights.
