Facebook has overtaken the likes of Google and Amazon as the biggest market for consumer products, surpassing both to become the world’s largest digital marketplace for goods and services, according to new data from the market cap tracker firm eMarketer.
The company’s market cap hit $15 billion for the first quarter, compared with $11.2 billion for Apple Inc. and $10.4 billion for Amazon.
The market cap is up about 25 percent from a year ago.
Facebook’s market share rose by 25 percent in the first half of the year to 26 percent.
The company is also No. 1 on the ranking of digital commerce for the second consecutive quarter.
The data, published Friday, marks a dramatic turnaround for the company, which was once seen as a struggling company struggling to grow its market share in the face of an onslaught of online competition.
Last year, Facebook reported a net loss of $1.2 million, or 3 cents per share, for the three months ending June.
It was still the company’s third-largest market behind Google and Apple, but behind only Amazon and Amazon’s rival Amazon.com Inc. Facebook lost $8 million in the third quarter, according for the fourth quarter.
The latest data shows Facebook is continuing to grow, with revenue increasing by a record 5.2 percent in Q1.
The growth is being driven by growth in advertising revenue.
Facebook now leads online search advertising by a wide margin, overtaking Google in terms of revenues.
That’s the first time in more than two years that Facebook has made up more than half of online search revenue.
Google and Amazon still dominate in terms to revenue.
Apple is still second to Facebook, with revenues up about 20 percent from last year, according eMarket data.
Amazon is third in terms revenue to Facebook.
But Facebook has started to make more inroads into retail and hospitality.
Last month, it launched its own grocery and convenience store in California.
And in March, it announced it would open a second grocery store in San Francisco.
The online grocery store, called Fresh Market, will sell a range of food, including baked goods, cereal and other items that Amazon sells for less than $2.99.
The new store, which is expected to open in mid-September, will be the first store in the U.S. to feature an online grocery service.
The first Fresh Market in California will open in November, according a company blog post.