Google Market Cap Surpasses Amazon's For The First Time

Comments
Loading...

According to Dow Jones Market Data, shares of Alphabet Inc GOOGL GOOG rose to 2% on Friday, surpassing the market capitalization of Amazon AMZN.

What Happened: Alphabet closed its Friday session with a market cap of $1.622 trillion, while Amazon Inc AMZN closed at $1.616 trillion, MarketWatch reports.

For the first time in the last 16 months, Alphabet Inc’s market valuation was higher than Amazon.com Inc.

MarketWatch quoted Monness, Crespi, Hardt & Co. analyst Brian White, saying that “Alphabet is “well-positioned for a continued recovery in digital ad spending in 2021,” though he expects continued antitrust scrutiny of the company.

According to FactSet, the average price target among analysts for Amazon is $4,272.49. However, the average price target for Alphabet shares is $2.791.48.

Why It Matters: Both Alphabet’s Google and Amazon are strengthening their e-commerce advertising businesses to increase their market valuation. 

To boost its e-commerce business, Google recently partnered with Shopify Inc SHOP and Square Inc SQ to create product listings on Google Maps and Google Shopping.

Read also: Cathie Wood Buys $10.5M In Google, Loads Up Another $31.6M In Zoom

Alphabet is shifting focus towards user privacy in the advertising business after it announced that it would get rid of third-party cookies. 

Market News and Data brought to you by Benzinga APIs
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise

Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
fintech-banner
Fintech Focus Newsletter
Your update on what's going on in the Fintech space. Keep up-to-date with news, valuations, mergers, funding, and events. Sign up today!