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Amazon becomes second US company to hit trillion-dollar market value

Amazon has followed in the footsteps of Apple and become a trillion-dollar valued US company. Photo: PA

Amazon has become the second publicly traded company to be worth a trillion dollars (£780 billion), hot on the heels of Apple.

Amazon’s stock rose 1.7% on Tuesday, putting its market value at just over a trillion dollars.

It's just behind Apple which topped the trillion dollar mark in August.

Amazon has revolutionised how people shop online and is the world’s dominant internet retailer.

One of many Amazon distribution centres in the UK. Credit: PA

In two decades the company expanded far beyond its bookseller beginnings, combining its world-spanning retail operation with less flashy but profitable advertising and cloud computing businesses.

The company’s success put its founder and chief executive Jeff Bezos top of the Forbes billionaires list this year.

The Seattle-based company has cemented customer loyalty through smart devices like Alexa and the Prime membership programme that offers fast, free shipping as well as music and video streaming perks.

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And in the future, shopping at your 'local Amazon store' could become as normal as popping to your supermarket.