Generating revenues of more than $350 billion in 2022, Amazon currently ranks among the biggest retail companies worldwide, second only to Walmart. Its shopping app and ecommerce site are also widely popular and are used by millions of shoppers worldwide every month.

To understand how well the ecommerce giant has been performing, here’s a breakdown of Amazon’s market cap over time.

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Amazon’s market cap history

Recent data shows that in 2014, the market cap of Amazon was $144.3 billion. This figure more than doubled to $318.3 billion in 2015, before a deceleration in growth in 2016 saw the company’s valuation rise slightly by 11.9%, to $356.3 billion.

The following year, Amazon increased its market cap by 58.2%, to $563.5 billion—crossing the half a trillion dollar milestone for the first time. The company’s strong double-digit growth continued for three more years, and by 2020, Amazon’s market cap had surged to over $1.6 trillion. This marked a 77.6% increase and the largest annual rise in five years. 

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The ecommerce company’s explosive growth in 2020 can be attributed to the COVID-19 pandemic, which crippled many brick-and-mortar retail businesses. As a result, both consumers and businesses shifted to online channels to carry out their purchases and sales, giving ecommerce platforms like Amazon a tremendous boost. 

A 3.5% annual increase followed in 2021 and took Amazon’s valuation to $1.69 trillion. This is also Amazon’s highest market cap to date.

However, Amazon was unable to sustain its growth for another year. In 2022, its market cap plunged by 39.3%, to $856.9 billion, as its valuation returned to pre-pandemic levels. This was also the first time the company’s market cap fell in eight years. 

This decline isn’t unique to Amazon. The global economic uncertainty in 2022 led to huge drops in market valuations, especially that of tech companies. For instance, Google’s market cap fell by 40.3%, its biggest annual fall in at least a decade.

Amazon’s market cap has increased since its dip last year. As of November 2023, the company is valued at close to $1.4 trillion—60.5% higher than its year-end 2022 valuation.

Further analysis of Amazon’s market cap over time shows that from 2014 to 2022, the company increased its value at an average annual growth rate of 3.5%. 

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