Amazon Makes History After Losing $1 Trillion in Market Value Amid Tech Stock Rout

Contact Your Elected Officials
The Epoch Times Header

Amazon has become the first publicly traded company in history to lose $1 trillion in market valuation amid a volatile economy that has sparked a broad tech selloff.

The Jeff Bezos-founded company, valued close to $1.88 trillion on July 2021, saw its shares fall 4.3 percent on Wednesday, pushing its market value down to $878 billion. Amazon stock has lost nearly 50 percent of its value this year alone.

The loss comes shortly after Amazon’s market value fell below $1 trillion on Nov. 1 after the company posted disappointing results in its third-quarter earnings and predicted less than spectacular sales for the upcoming important holiday shopping season.

Amazon reported revenue of $127.1 billion in the third quarter, narrowly missing out on analysts’ forecasts of $127.5 billion, while net income fell to $2.9 billion, or $0.28 per share, down about 9 percent from the third quarter a year prior.

The e-commerce giant also projected the company’s slowest fourth-quarter growth ever, with between 2 percent and 8 percent growth compared with the fourth quarter of 2021.

Fears of Recession Grow

The pessimistic outlook comes as fears of a recession grow amid sky-high inflation that many believe will result in weaker sales this year as consumers cut back on spending and tighten their budgets.

“There is obviously a lot happening in the macroeconomic environment, and we’ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,” Andy Jassy, Amazon’s chief executive, said following the third quarter earnings report. “What won’t change is our maniacal focus on the customer experience, and we feel confident that we’re ready to deliver a great experience for customers this holiday shopping season.”

Amazon saw its business boom during the COVID-19 pandemic amid a surge in online shopping but has now joined other tech giants like Google and Microsoft who have seen their stock price plunge this year amid a widespread stock market sell-off.

Combined, the top five U.S. technology companies by revenue have lost nearly $4 trillion in market value this year, according to Bloomberg.

By Katabella Roberts

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Trump’s Proposal For NATO To Stop Buying Russian Oil & Start Tariffing China Is Unrealistic

Trump proposed on social media that NATO stop buying Russian oil and start tariffing China 50-100% as part of his plan for ending the Ukrainian Conflict.

The Choices We Make

Death and disagreement are inevitable. Love and hate are choices. We will all die. Before we do, what choices will we make?

Elon Musk Speaks at Unite the Kingdom Rally

Tommy Robinson held rally, with Elon Musk appearing virtually, calling attention to leftist politicians who allow foreign immigrants to invade England.

Doxed Democrats Are Getting Fired Left and Left

Not a misprint because a title of “left and...

Hold Up, Feds, Without Federalism, There Is No USA

Federalism is essential to governing the U.S., yet the federal government is undermining it by bribing states to implement unnecessary federal programs.

ABC Halts ‘Jimmy Kimmel Live’ Indefinitely After Charlie Kirk Remarks

ABC has indefinitely pulled “Jimmy Kimmel Live” after the host’s remarks about Charlie Kirk’s assassination drew criticism from the FCC chairman.

ABC Reporter Apologizes for Calling Texts From Kirk’s Alleged Murderer ‘Very Touching’

ABC reporter apologized after describing text messages between Charlie Kirk’s alleged murderer and the man’s boyfriend as “very touching.”

Federal Reserve Cuts Interest Rates for First Time in 2025

The Federal Reserve cut interest rates for the first time this year following its two-day policy meeting that concluded on Sept. 17.

Driver Rams Car Into FBI Pittsburgh Gate in Potential Act of Terror, Official Says

Driver crashes car into FBI Pittsburgh office gate in a suspected targeted attack the agency says may be an act of terror against the bureau.

Rubio Says US Visa Revocations Underway After Charlie Kirk Death Celebrations

SoS Marco Rubio said foreign nationals who made celebratory comments over Charlie Kirk’s assassination will have their U.S. visas revoked.

Trump Supports Designating Antifa a Terrorist Organization

President Trump said he would support designating the antifa movement a terrorist organization in the wake of Charlie Kirk’s assassination last week.

US Conducts Strike on Another Drug Boat From Venezuela: Trump

Three people were killed in a U.S. strike on a Venezuelan drug boat, President Donald Trump announced on Sept. 15.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.
spot_img

Related Articles

Popular Categories

MAGA Business Central