About Amazon

Founding and Early Years

Amazon was founded by Jeff Bezos on July 5, 1994, initially operating as an online bookstore from his garage in Bellevue, Washington. The company officially launched its website and began selling books online on July 16, 1995. Originally named Cadabra, Bezos changed the name to Amazon a few months later, inspired by the vastness of the Amazon River, reflecting his vision for the company’s potential growth.

Important Milestones In its Financial History

1997: Amazon went public with an initial public offering (IPO), raising $54 million.
1998: Amazon expanded beyond books, introducing music and video products. It also acquired the Internet Movie Database (IMDb).
2001: After years of financial losses, Amazon reported its first profit in the fourth quarter.
2002: Amazon launched Amazon Web Services (AWS), its cloud computing platform.
2005: The introduction of Amazon Prime offered customers a subscription service with free shipping and other benefits.
2007: The first Kindle e-reader device was launched, revolutionizing the digital book market.
2017: Amazon acquired the upscale grocery chain Whole Foods Market for $13.7 billion.
2022: Amazon acquired the iconic Hollywood studio Metro-Goldwyn-Mayer (MGM) for $8.5 billion.

Diversification and Expansion

From its origins as an online bookstore, Amazon rapidly diversified its offerings, selling virtually every product imaginable. The company expanded into various sectors, including cloud computing with AWS, streaming services, consumer electronics, and more, through strategic acquisitions and the launch of new services.

Current Status

Amazon’s relentless growth and innovation have established it as one of the world’s most valuable and influential companies. Its wide range of services and products has significantly impacted global markets and consumer behavior.