Amazon Market Cap Drops Below $1 Trillion for the First Time Since April 2020

11/2/2022

Per CNBC

Amazon stock was down for the fifth day in a row. This resulted in it reaching its lowest levels since April 2020.

The drop came after a disappointing fourth-quarter forecast, with Amazon saying its holiday quarter revenue would grow 2-8% from its numbers a year ago. This would be far below estimations by analysts.

In 2022 alone, its stock plunged 42%, close to its worst drop ever in 2008, when it fell by 45%. The only time that Amazon fell further than that was during the dot-com crash of 2000, when the company sustained an 80% drop in value.

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