The stock went down by 5.5 per cent to end at 96.79 dollar which represents a market capitalization of 987.4 billion dollar. Amazon went down nearly at 20 per cent over the period keeping it fifth straight negative session. At the same time, the Nasdaq 100 Index dropped 1 per cent on 1 November
The multinational technology company, Amazon.com Inc. shares dropped along with the ecommerce and cloud-computing company closing below 1 trillion dollar in market value, on 1 November. This is for the first time it fell since 2020, when the Covid-19 pandemic had begun.
The stock went down by 5.5 per cent to end at 96.79 dollar which represents a market capitalization of 987.4 billion dollar. The closing of shares was at their lowest level since April 2020, and have fallen by 42 per cent this year. At its peak in November 2018, Amazon had swanked a market cap of around 1.9 trillion dollar.
Amazon went down nearly at 20 per cent over the period keeping it fifth straight negative session. At the same time, the Nasdaq 100 Index dropped 1 per cent on 1 November.
Recent the Seattle company’s earnings report witnessed weakness last week, when it predicted the slowest holiday-quarter growth in its history. Earlier when Amazon had recorded huge profits during the pandemic, claimed that its sales would surge by only 2 per cent to 8 per cent during its peak season.
Amazon, along with other major technology and internet stocks, has been through pressure in 2022 due to slowing growth and rising interest rates. The economic uncertainty has hampered multiple high-valuation stocks.