Amazon Hits $1 Trillion Market Value Milestone Only Weeks After Apple

Amazon has become the second publicly listed US company to reach a $1 trillion valuation, the milestone coming only weeks after Apple reached the same figure. The milestone follows an aggressive increase in Amazon's net income, which jumped from $197 million in Q2 2017 to $2.5 billion in Q2 2018. The company rolled into this year at a little over half of its current value, jumping to the $1 trillion threshold in only a handful of months.READ: Apple's $1 trillion milestone

Though arbitrary, the $1 trillion valuation milestone is a rare and notable one. In early August, Apple earned the distinction of becoming the first US company to reach the threshold and many speculated over whether Amazon or Google would be next in line to reach the tipping point. As of today, Amazon has taken the honor.

Amazon spent years shoveling money into growth, only this year turning its focus heavily toward profits. In July, Amazon exceeded $2 billion in quarterly profits for the first time ever, that spurred by its Prime subscriptions and Amazon Web Services, among other things.

Amazon has expanded into many markets, including grocery deliveries and convenience stores. At the same time, the company has spent years growing its network of fulfillment centers, launching its own smart home products, transforming its Alexa AI into a household name, and patenting new technology to bolster its existing services.

In recent years we've seen Amazon's book peddling expand to include physical retail stores, and the company challenges competitor Walmart on a number of fronts. According to CNN, current revenue growth projections and price targets could put Amazon on track for a $1.2 trillion valuation by 2020.