Amazon has posted record profits for three straight quarters. Now it has a record stock price to go with it.
The company’s shares shot across $800 for the first time ever on Thursday morning. The company’s $386 billion market cap is the fourth largest in the world, behind only Apple, Alphabet and Microsoft.
Just seven months ago, the stock was trading 40 percent lower. But the growth of Amazon’s AWS cloud computing business and the surprising profits that have come with it helped propel the stock. Jeff Bezos’s company also continues to be fueled by its Prime members, who number in the tens of millions and spend more and shop more frequently than non-members do.
This article originally appeared on Recode.net.
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