Amazon reached a new milestone on Tuesday as the company’s shares hit an all-time high, trading at just over $704 before dropping slightly to $703 per share when the market closed.
The previous all-time high was $696 per share on December 29 of last year. A few weeks later, Amazon’s stock dipped after it disappointed Wall Street with its Q4 2015 earnings report.
But that certainly wasn’t the case for the following quarter, as Amazon crushed expectations for both revenue and profit during Q1 of this year, reporting record-high profits — in large part thanks to its cloud computing arm, Amazon Web Services — on revenue of $29.1 billion.
In just the past three months, Amazon’s stock has increased by 46 percent, from around $480 per share to today’s value of $703. Here’s a look at the stock price over the past year:
Amazon now has a market capitalization of around $334 billion.
Meanwhile, other tech giants have held steady over the past three months, with Microsoft up a few percentage points, Apple slightly down, and Google up 5 percent. Facebook is up nearly 20 percent in the same time frame.
Amazon had a busy Q1, unveiling new hardware, expanding its logistics infrastructure, adding more cities for same-day delivery and changing its leadership structure. The company also debuted a new monthly Prime subscription program, directly challenging Netflix.
More recently, Amazon added to its freight network, brought its Prime Now service to the web (it was previously only available via the standalone smartphone app), and just today debuted a new video service that competes directly with YouTube.