For the first time in two and a half years, Amazon is worth less than $1 trillion.
Bloomberg I Getty Images
This is primarily due to a massive sell-off after the company projected a sluggish holiday season in an earnings report last week, as CNBC noted.
Amazon had a riotous pandemic, going from a stock value of roughly $95 a share in early April 2020 to $183 a share by late November 2021 — an increase of some 93%.
But, last week, it missed analyst revenue expectations and projected less than expected holiday sales revenue — of between $140 billion and $148 billion, respectively, when analysts had projected quarterly revenue of about $155 billion, per CNBC.
Then, the selloff began. Last Tuesday, Amazon was trading at about $120 a share, and as of Wednesday afternoon, it’s at about $94.
Market capitalization is a measure of the value of a company’s outstanding shares of stock, so it changes with a company’s stock price.
When Amazon was riding high the last few years, it was worth a peak of almost $1.9 trillion per Bloomberg, and now clocks in at about $965 billion as of Wednesday.
This year is on track to be the most value the company’s stock has lost in a single year since 2008, as CNBC noted.
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