In the wake of an absolutely insane Q3 earnings report, which included around $43B in Q3 sales, Amazon’s stock soared to a record high last week.
On Friday, shares closed at $1,100.95, boosting the company’s stock by $62B in one day, and making Jeff Bezos the world’s richest man.
At this point, Amazon is feeling pretty invincible
The company’s stock is already up 45% this year, and some traders are betting its already monstrous trading price will rise another 6% by mid-November.
Aside from a few measly setbacks, Amazon has managed to grow revenue 29% year over year, with their web services now accounting for 11% of the company’s revenue.
The thread that binds
This success doesn’t even account for the $1B+ in revenue it made from Whole Foods after acquiring it in August.
Amazon is looking at Whole Foods as a major through line in connecting their various platforms.
Last Thursday, the company laid out big plans to use the grocery store chain to bring products (from its site, Prime Now, and Amazon Fresh grocery services) into the daily lives of consumers in ways only brick and mortar locations can — creating a one-stop shop in the quest for world domination.
But that’s not to say they don’t have their hands full with competition from companies like Walmart and Target.