Amazon Stock Explodes to Over $3,000

Amazon.com, Inc. (AMZN) Nasdaq has reached new highs. With a market cap of Market Cap $1.504T, Amazon has widely benefited from the recent global crisis due to COVID-19.

Stocks rose sharply Monday morning  after new economic data showing a stronger than expected rebound in US service sector activity in June 2020. Amazon has outpaced the S&P 500’s 1.8% decline by increasing the value of their stock which is up over 6% for the year to date.

Financial results for its first quarter ended March 31, 2020.

  • Operating cash flow increased 16% to $39.7 billion for the trailing twelve months, compared with $34.4 billion for the trailing twelve months ended March 31, 2019.
  • Free cash flow increased to $24.3 billion for the trailing twelve months, compared with $23.0 billion for the trailing twelve months ended March 31, 2019.
  • Source Click Here.

Amazon Web Services (AWS), an Amazon.com company (NASDAQ: AMZN), announced that IHS Markit Ltd. (NYSE: INFO) has selected AWS as its preferred cloud infrastructure provider and is moving the majority of its data processing infrastructure, corporate platforms, and end user applications and services out of its data centers to AWS to accelerate innovation and improve resiliency. Under the new agreement, the company will migrate hundreds of additional applications over the next three years. Source: Click Here

CEO Jeff Bezos is an American internet entrepreneur, industrialist, media proprietor, and investor. He is best known as the founder, CEO, and president of the multi-national technology company Amazon. The first centi-billionaire on the Forbes wealth index, Bezos has been the world’s richest person since 2017 and was named the “richest man in modern history” after his net worth increased to $150 billion in July 2018. Source:Click here

Bezos pledged to spend $10 billion to fight climate change in February and promised $100 million to food banks in April. Source:Click Here

 

Photo Credit by Bryan Angelo

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