Amazon.com Inc. has surpassed Wal-Mart Stores Inc. as the world’s biggest retailer by market value after a surprise second-quarter profit sent the e-commerce company’s stock to a record high.
Amazon shares rose as much as 19 percent to US$573.45 in after-market trading on Thursday, giving the Seattle-based company a value of about US$267 billion, Bloomberg News reported.
Wal-Mart has a market value of US$233.5 billion.
Wal-Mart still dwarfs Amazon in sales, with about five times its annual revenue, but Amazon remains a dominant force in the e-commerce field.
Wal-Mart is investing heavily in its web operations and developing its own online subscription service to compete with Amazon Prime, the news agency said.
Amazon reported that its revenue rose 20 percent to US$23.2 billion in last quarter, topping analysts’ average estimate of US$22.4 billion.
Net income was US$92 million, or 19 US cents a share, compared with analysts’ forecast of a loss of 14 US cents.
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