Amazon joins Apple in $1 trillion club

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That puts the company's market capitalization-the number of its outstanding shares multiplied by share price-at $1 trillion. Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.

For graphic on Amazon vs Apple, click https://reut.rs/2PwtdRg Amazon also provides video streaming services and bought upscale supermarket Whole Foods.

Amazon has become the second publicly traded company to be worth a trillion dollars (£780 billion), hot on the heels of Apple. "Amazon's cloud business is an extra growth driver that Apple doesn't have", said Daniel Morgan, portfolio manager at Synovus Trust in Atlanta, Georgia who describes Amazon's cloud services as its "crown jewel".

On August 2, Apple became the first U.S. company to reach a total market capitalization of $1 trillion.

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In the second quarter the unit accounted for 55 percent of Amazon's operating income and 20 percent of total revenue, according to Morgan.

Amazon's share prices slightly receded after hitting the milestone, trading for $2036.95 at the time of writing. Now, just a month and change later, Amazon has done the same - however briefly. The company's stock has surged more than 70 percent since January, outperforming Apple, which has gained more than 30 percent.

Amazon, founded by Jeff Bezos as an online bookseller in 1994, has grown rapidly into one of the country's largest and most influential companies. The company's stock reportedly rose almost two percent in the morning trading, thereby putting its market value just over the 13-digit territory.

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