Amazon overtakes ExxonMobil to become fourth largest US company by market cap
Ecommerce giant posted third consecutive record-breaking profit last week
- Company's stock was up 0.7% in morning trade, while oil corporation was down 2%
Updated : 15:57
Amazon has overtaken ExxonMobil as the fourth largest company by market capitalisation in the US, after posting another record-breaking quarter last week.
A 0.7% climb in morning trade took the ecommerce giant to $362.1bn in market cap, while the oil company shed 2% to drop to $361.6bn.
The top spots in the US are now exclusively reserved for technology firms, with Apple ($565.9bn), Alphabet ($549.6bn) and Microsoft ($440bn) making up the top three positions above Amazon.
The internet shopping platform has been steadily climbing places in the list of the most valuable companies, after its hosting of its "Prime Day", in which customers of its subcription service could avail of a large number of discounts and offers.
During a recent statement on the company's success in recent months, CEO and founder Jeff Bezos said that growth in markets such as India has helped their rise.
"It's been a busy few months for Amazon around the world, and particularly in India - where we launched a new [Amazon Web Services] Region, introduced Prime with unlimited free shipping, and announced that Prime Video is coming soon," said Bezos.
Bezos was recently said by Forbes to be the 3rd richest man in the world, behind Bill Gates and Amancio Ortega, following the strong results.