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Amazon.com founder and CEO Jeff Bezos presents the company's first smartphone, the Fire Phone, on June 3, 2014 in Seattle, Washington.  David Ryder Getty Images

Amazon is now worth more than Walmart

Updated: Jul 23, 2015 8:56 PM UTC

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 (wmt) by market cap: Amazon's market cap stands at approximately $250 billion versus Walmart's at around $230 billion, according to Quartz.

Amazon (amzn) 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.