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

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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 Amazonโ€™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 analystsโ€™ 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 companyโ€™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.

โ€œThere is obviously a lot happening in the macroeconomic environment, and weโ€™ll balance our investments to be more streamlined without compromising our key long-term, strategic bets,โ€ Andy Jassy, Amazonโ€™s chief executive, said following the third quarter earnings report. โ€œWhat wonโ€™t change is our maniacal focus on the customer experience, and we feel confident that weโ€™re ready to deliver a great experience for customers this holiday shopping season.โ€

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.

Byย Katabella Roberts

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