- Amazon (AMZN) stock reached an all-time high on Thursday, closing at 189.50, marking its first record close since early April.
- The Seattle-based tech giant’s shares have been on a steady climb since it posted impressive first-quarter earnings on April 30.
- Amazon’s market capitalization is now just shy of $2 trillion, a milestone only crossed by Microsoft, Apple, Nvidia, and Alphabet.
Amazon (AMZN) stock hits a record high, riding on the back of strong Q1 earnings and a bullish market sentiment. The tech giant’s market cap is nearing the $2 trillion mark.
Impressive Q1 Earnings Drive Amazon Stock
Amazon reported a staggering 216% year-over-year earnings increase in its first quarter, with earnings per share at 98 cents. Sales were up by 13% at $143.3 billion, surpassing average estimates from analysts. The company’s Amazon Web Services (AWS) business also reported better-than-expected revenue growth. These strong financials have been a key driver behind the recent surge in Amazon’s stock price.
Technical Ratings of Amazon Stock
Amazon stock has gained 25% this year and 80% over the past 12 months. It has an IBD Composite Rating of 94 out of a best-possible 99, according to IBD Stock Checkup. This score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better. Amazon’s Relative Strength Rating is 90 out of a best-possible 99.
Amazon’s Market Capitalization Nears $2 Trillion
The gains since Amazon’s earnings report have pushed the company’s market capitalization just below the $2 trillion mark. This is a threshold that has only been crossed by Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), and Alphabet (GOOGL). This puts Amazon in an elite group of tech companies, reflecting its strong financial performance and bullish market sentiment.
Conclusion
Amazon’s stock reaching an all-time high is a testament to the company’s strong financial performance and the positive market sentiment towards the tech giant. With its market capitalization nearing the $2 trillion mark, Amazon is poised to join an elite group of tech companies. The company’s strong Q1 earnings and the steady climb of its stock price indicate a positive outlook for the future.
