On the 20th anniversary of Amazon's IPO, Amazon's market cap stands at $459 billion before the market opens for trading. Walmart's? $228 billion.
Walmart has well more than three times Amazon's annual revenue, and five times its net income. But Jeff Bezos and Amazon have sold a vision of revenue growth over huge net income figures — and Wall Street has largely bought in.
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With that freedom, Amazon has continued to consistently grow its revenue north of 20 percent, while pumping cash into big new business areas like AWS — which some have estimated is already worth $160 billion — and the Alexa voice computing platform.
For Amazon's next act, it's taking on Walmart on its own turf: Brick-and-mortar retail.
—By Jason Del Rey, Recode.net.
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