Amazon market capitalization reaches $1 trillion

By Ovunc Kutlu

NEW YORK

Amazon saw its market value reach $1 trillion on Tuesday.

After closing at $2,012.71 Friday on the New York Stock Exchange (NYSE), Amazon's stock price gained 2.2 percent to $2,050.27 at 11.40 a.m. (1540GMT) to push the firm to the historic level.

Amazon is the second company in history to reach $1 trillion after the world's most valuable firm, Apple, achieved that feat Aug. 2.

The e-commerce giant saw a net income of $2.5 billion in the second quarter -- a record high for any quarter by the company.

Its revenue jumped 39.4 percent to $52.89 billion in the same quarter year-over-year.

Founder and CEO Jeff Bezos, the world's richest man, also saw his net worth increase $2.6 billion to $167.3 billion Tuesday.

Bezos founded Amazon in 1994 as an online bookstore, and made it the biggest Internet retailer in the world in revenue and market value in 24 years.

The company announced in April its Prime users, which benefit from free two-day shipping and online videos, surpassed 100 million.