Amazon Approaches $3 Trillion Market Cap
Amazon (NASDAQ: AMZN) is on the verge of surpassing a $3 trillion market capitalization, currently valued at $2.84 trillion, just 5.5% away from this milestone. This comes after the company’s all-time high on May 5, 2023, when it nearly reached this mark.
Key growth drivers include Amazon Web Services (AWS), which reported a 28% increase in net sales during the first quarter of 2023, the strongest growth in over three years. The overall net sales for Amazon increased by 17%, marking the healthiest monthly growth in nearly five years. AWS accounts for over 20% of Amazon’s net sales but contributes more than half of its operating profit, primarily due to its high margins exceeding 35%.
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