Jul
24
Amazon Market-Cap Comparison to Walmart 'Not Really Fair'
Posted in: Uncategorized
Amazon is now the world’s largest retailer by market cap, dethroning brick-and-mortar goliath Walmart for the first time.
The Seattle-based company caught Wall Street by surprise in its latest quarterly earnings late Thursday, prompting a 16% spike in after-hours trading. For the second quarter ending on June 30, Amazon reported a $92 million profit, with gains of 19 cents per share, beating industry estimates of a 13-cent-per-share loss.
Amazon now has a market cap of $259.4 billion, surpassing Walmart’s by $27 billion.
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