Amazon tops Microsoft, Apple to become world's most valuable company

Jan. 8 (UPI) -- A strong Christmas season propelled Amazon to become the most valuable company in the world, surpassing Apple and Microsoft.

Amazon's market capitalization reached $797 billion at the close of trading Monday -- several billion more than Microsoft. It's the first time Amazon has held the "world's most valuable" title.

Apple was listed in fourth place Monday, with $702 billion, The Wall Street Journal reported. For years, it reigned as the world's most valued company until it was passed by Microsoft in November. Experts say Apple is trying to stave off market saturation with regard to sluggish sales of its iPhone and a revenue warning last week. Google parent company Alphabet was third, at $746 billion.

Already an online retail giant, Amazon now makes electronic gadgets, streams video and operates in cloud infrastructure. The company is expected to post a fourth-quarter sales increase of 20 percent from last year.

The ascension to the top came after Amazon stock fell 25 percent last quarter, it's largest drop in 10 years.

Both Amazon and Apple have both reached the $1 trillion-mark in valuation, but weren't able to sustain it. Other top-valued companies are Berkshire Hathaway, Facebook, JPMorgan Chase, Johnson & Johnson and Walmart.