Amazon is now the world's largest retailer by market cap, dethroning brick-and-mortar goliath Walmart for the first time.
The Seattle-based company caught Wall Street by surprise in its latest quarterly earnings late Thursday, prompting a 16% spike in after-hours trading. For the second quarter ending on June 30, Amazon reported a $92 million profit, with gains of 19 cents per share, beating industry estimates of a 13-cent-per-share loss.
Amazon now has a market cap of $259.4 billion, surpassing Walmart's by $27 billion.
Amazon's cloud business, AWS, had $1.82 billion in revenue, up from $1.57 billion last quarter, according to a statement from Amazon.
Meanwhile, The Guardian reports that Amazon's founder, Jeff Bezos, made a cool $7 billion (on paper) in a mere 45 minutes off his company's stock surge, bringing his total fortune with the company at more than $41 billion.
"You have to look at the fact that there [are] two distinct businesses that exist within Amazon," Anthony said. "One is the retail business and the other is the cloud business [which is] worth $120 billion. So when I saw the news today I thought that comparison is not really fair."