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Amazon hits $1,000 a share for the first time

Mimi Sabreena 10:09:00 PM Pilihan Editor

Michael Seto/Business Insider

Amazon‘s stock price hit the $1,000 mark for the first time in early trading on Tuesday.

The company’s shares went public on May 15, 1997, at a time when it had no clear path to profitability and bookstores like Barnes & Noble — over a century older — threatened its business.

Amazon has now turned a profit for eight straight quarters, largely because of the strength of its cloud-computing business, Amazon Web Services.

Its more popular, less profitable retail segment has forced established retailers like Walmart to more quickly adapt to how consumers prefer to shop today.

Amazon shares have surged 40% over the past year and more than 50,000% over the last 20 years.

Here is the stunning chart:

Markets Insider

NOW WATCH: Here’s what companies like Snap can learn from Amazon’s last 20 years

Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.

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