It was bound to happen sooner than later: Amazon has surpassed Walmart as the biggest retailer on the planet.
The e-commerce juggernautÂ jumpedÂ 25 spots to #28 onÂ Forbes‘ Global 2000 listÂ of the worldâs biggest public companies, as measured by a composite score of revenues, profits, assets and market value. That was sufficient enough for it to steal theÂ title of the world’s largest retailer away from Walmart, which slipped five spots to #29 on this year’s overall list.
Amazon has continued to chart a path to retail domination, with the number of Americans who subscribe toÂ Amazon Prime topping 100 million in 2019. The company has beefed up the benefits attached to its annual membership in an effort to make it a must-have in every household, such as offering special discounts at Whole Foods, investing heavily inÂ television and movies and expanding free shipping. In April, Amazon said it would invest $800 million toÂ makeÂ free one-day shipping the new normal,Â up fromÂ theÂ standard two-day shipping the company offers now.
Thanks to investor enthusiasm in its breakneck growth, Amazon has a high-flying stock that has made its founder Jeff Bezos the world’s richest man and given it a market capitalization of over $900 billion, which is rivaled only by Apple. On this yardstick, it has long trounced Walmart, which lags behind with a market cap of less than $300 billion.
Amazon has been catching up on other measures, too. Last year, the companyÂ made a record-breaking $10 billion in profits, fueled by its lucrative cloud computing business. That is up sharply from $3 billion the year before and easily tops the $6.7 billion that fell to Walmart’s bottom line.
Amazon.com Inc. shares were trading at $1,906.33 per share on Thursday afternoon, up $35.18 (+1.88%). Year-to-date, Amazon.com, Inc. (AMZN - Get Rating) has gained 26.92%, versus a 16.00% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Forbes.