The stock ended 5.5% down at $96.79, representing a market capitalization of $987.4 billion.
Shares of Amazon.com Inc fell on Tuesday, the e-commerce and cloud-computing company closing below $1 trillion in market value more than two years ago for the first time since the early days of the Covid-19 pandemic.
Shares of Amazon.com Inc fell on Tuesday, the e-commerce and cloud-computing company closing below $1 trillion in market value more than two years ago for the first time since the early days of the Covid-19 pandemic.
The stock ended 5.5% down at $96.79, representing a market capitalization of $987.4 billion. Shares closed at their lowest level since April 2020 and have fallen 42% this year. At its November 18 peak, Amazon claimed a market cap of about $1.9 trillion.
It was the fifth straight negative session for Amazon -- down nearly 20% in the period. Meanwhile, the Nasdaq 100 index fell 1% on Tuesday.
The recent weakness was driven by the Seattle company's earnings report last week, when it forecast the slowest holiday-quarter growth in its history. Amazon, which posted record profits during the pandemic, said sales would traditionally grow only 2% to 8% during its peak season.
Amazon, along with most other major technology and Internet stocks, has been pressured by concerns over slowing growth and rising interest rates in 2022. Multiples of high valuation stocks have been weighed down by economic uncertainty.
No comments:
Post a Comment