Amazon has become the second publicly traded company to be worth $1 trillion, following in the footsteps of iPhone maker Apple.
The company’s blowout success has made its founder and CEO, Jeff Bezos, No. 1 on Forbes’ billionaires list this year.
Amazon’s stock rose 1.7 percent in Tuesday morning trading, putting its market value at just over $1 trillion, although the stock dropped back slightly after that. Apple topped the $1 trillion mark in early August.
Amazon Web Services provides cloud computing services to companies and government, and Amazon’s advertising division makes billions by selling ads to companies that want their products to show up when shoppers search on the site.
Those very profitable businesses have helped offset the high costs associated with running its online store.
Amazon saw its quarterly profit soar past $2 billion for the first time earlier this year as the online shopping, cloud computing and advertising businesses all kept growing.