Amazon shares surged almost 10 percent on Friday after the e-commerce powerhouse reported a surprise second-quarter profit and a better-than-expected 20 percent jump in revenue.
The sharp increase in shares brought Amazon’s market value to USD247.77 billion, more than its biggest rival, Wal-Mart Stores Inc., signalling a sea change in retailing. Amazon, which just turned 20, is now valued higher than the world’s largest retailer.
Bentonville, Arkansas-based Wal-Mart Stores is valued at about USD230.53 billion. The company, with 11,767 stores worldwide, still has much higher sales, USD485.65 billion in the year ended on 31 Jan., compared with Amazon’s USD89 billion in annual revenue last year.