The performance of Amazon Web Services in the market has been very strong lately. The shares of the parent company Amazon.com, Inc. (NASDAQ:AMZN) have also rollicked due to the same. A strong contribution has been offered by Amazon Web Services to the company. Many people were predicting a loss, but the subsidiary of Amazon has fared quite well in the market.
The CEO of the company Jeff Bezos commands a hold on 83,921,121 shares in the company. A proper gain of more than $8.05 billion was made by the company before the opening on Friday as the shares hiked more than 20 percent in the pre-market trading. The revenue of the company rose to $23.185 billion from $19.34 billion, which surprised the expectations of the analysts.
The personal fortune of Jeff Bezos was calculated to be over $50 billion yesterday, according to the Forbes magazine. It makes him the fifth richest person in the world. The stocks of Amazon.com, Inc. have increased by more than 18 percent in the after hour trading.
Amazon’s success can be measured by the fact that a seven bedroom Tudor mansion is being rented to a group of Amazon.com employees. This mansion was sold by a retired baseball pitcher to Chinese investors for $3.2 billion. For Amazon, it is the third consecutive stock jump following earnings for Amazon. It has given the company a solid base to surpass the market value of the retail giant Wal-Mart.
Amazon is encountering an ample of probes in the EU though about whether it closed down rival e-book sellers with anti-competitive contracts along with its tax dealings with Luxembourg. Amazon Web Services has played a big role in taking the company to optimum heights and the investors are sharing a big smile because of the same.
Amazon.com surpasses Wal-Mart Stores
Amazon.com, Inc. (NASDAQ:AMZN) is officially bigger than Wal-Mart now. The shares of Amazon picked up almost 10 percent on Friday. This happened on the account of a surprise second quarter profit that was reported. A hike of 20 percent is also experienced in the revenue of the company. Read more.