Amazon's Market Cap Tops Wal-Mart
SEATTLE, WA - Amazon announced its financial results for Q2 2015 with the revelation that the company is now worth more than any retailer, including competitor Wal-Mart.
Following Amazon’s announcement, shares jumped 17% to $562.52 in after-hours trading, representing a new all-time high for both the stock and value of Amazon, according to The Wall Street Journal. Amazon's market cap is now worth about $264 billion while Wal-Mart is worth $233.5 billion, Business Insider is reporting.
“The teams at Amazon have been working hard for customers,” said Jeff Bezos, Founder and CEO of Amazon.com. “We unveiled Amazon Business, opened Amazon Mexico, launched Prime free same-day, rolled out our ninth Prime Now city, broke our Black Friday record with the first-ever Prime Day, received 11 Emmy nominations for Transparent, debuted six new kids pilots…” Bezos goes on to tout many more accomplishments for the retailer as well.
CEO Jeff Bezos, who owns 83,921,121 shares in the company, made a gain of more than $7 billion just off the climb in share prices, CNBC says.
Net income for Amazon was a whopping $92 million in the second quarter, and net sales increased 20% to climb as high as $23.18 billion, according to the company’s financial report. These results did not include any earnings from the company's ubiquitous "Prime Day," either.
Other highlights from Amazon’s report include:
- Operating cash flow increased 69% to $8.98 billion
- Free cash flow increased to $4.37 billion for the trailing twelve months
- Common shares outstanding plus shares underlying stock-based awards totaled 488 million on June 30, 2015
- Operating income was $464 million in the second quarter
What more can we expect from this retail upset? Keep watching AndNowUKnow for the latest.
