Amazon’s market cap has risen past Walmart’s in after-hours trading Thursday after it posted earnings that topped estimates.
On Thursday afternoon, Amazon’s shares were up nearly 17% as of 4:30p.m. EST to $563 per share from $482 at the market close.
The boost put the e-commerce giant ahead of Walmart
by market cap: Amazon’s market cap stands at approximately $250 billion versus Walmart’s at around $230 billion, according to Quartz.
posted profit during the second quarter of 19 cents a share on $23.18 billion in revenue, according to CNBC. But Wall Street expected the site to actually lose 14 cents a share on $22.39 billion in revenue.
Amazon Cloud sales also surged during the quarter and were up 82% year-over-year.
Walmart is still the world’s largest company by revenue, and recently topped the Fortune Global 500.