The swift recent decline in Amazon.com Inc.’s stock has brought the company’s closing market value below $1 trillion for the first time in more than two years.
Amazon shares
AMZN,
fell 5.5% in Tuesday action, finishing with a market value of $987 billion. This marked the first time since April 6, 2020 that Amazon closed out of trillion-dollar territory, according to Dow Jones Market Data.
Amazon’s valuation fell below the trillion-dollar milestone Tuesday.
Dow Jones Market Data
Amazon shares have tumbled 19.74% over the most recent five-session stretch. That five-day decline was the worst five-day loss for Amazon since its 22.03% plunge during the period that ended Nov. 20, 2008.
The e-commerce giant has come under recent pressure after the company’s latest earnings report highlighted a slowdown in AWS cloud-computing revenue growth. Additionally, Amazon disappointed with the forecast it offered for the holiday quarter.
“Combined with wobbles on revenue momentum for both AWS and retail, and suddenly the Amazon hiding place doesn’t look good,” Bernstein analyst Mark Shmulik wrote following Amazon’s earnings report last Thursday. “The good news here is that the story isn’t broken, it’s just pushed out into 2023, while Q4 may get worse before it gets better.”
When looking at companies worth more than $200 billion, Amazon is currently closest to seeing its stock hit its pandemic-era low, according to Dow Jones Market Data. Amazon shares closed Thursday at $96.79, 15.5% above their pandemic low of $83.83. Only shares of Meta Platforms Inc.
META,
have actually plunged below their pandemic low, among this grouping of the largest U.S. companies.