Amazon’s market value slips below $1-trillion on disappointing earnings report

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The stock fell as much as 12% after the e-commerce giant projected the slowest holiday-quarter growth in the company’s history

Amazon’s market value fell below $1-trillion after its disappointing earnings report and outlook sent investors running for the exit. Picture: BLOOMBERG

“It looks like an overreaction to us after a difficult earnings week for the group,” Piper Sandler analyst Thomas Champion wrote in a note. While the macro environment remains challenging, especially in Europe, the company’s forecast “looks conservative.” Electric-car maker Tesla , once worth more than $1.2-trillion, has seen its market value tumble to about $710bn. Facebook parent Meta Platforms’ market value plunged by more than 75% from its $1.08-trillion peak last year, forcing it out from the ranks of the world’s 20 largest companies.

 

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