(Bloomberg) – Shares of Amazon.com Inc. fell on Tuesday, with the e-commerce and cloud computing company closing below $1 trillion in market value for the first time since the early days of the pandemic of Covid-19 more than two years since.
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The stock fell 5.5% to end 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 peak on Nov. 18, Amazon had a market capitalization of nearly $1.9 trillion.
It was the fifth consecutive negative session for Amazon, down about 20% over the period. Meanwhile, the Nasdaq 100 index fell 1% on Tuesday.
The recent weakness was spurred by the Seattle-based company’s earnings report last week, as it forecast the slowest growth in its history during the holiday quarter. Amazon, which had posted record profits during the pandemic, said sales would rise only 2% to 8% during what has traditionally been its peak season.
Amazon, along with most other big tech and internet stocks, has been under pressure throughout 2022 by worries about slowing growth and rising interest rates. Economic uncertainty weighed on multiples for high-value stocks.
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