In response, Amazon CEO Andy Jassy launched cost-cutting measures for the company. These include suspending or removing unprofitable projects and reassigning workers.. Moreover, Amazon CFO Brian Olsavsky explained the factors behind Amazon’s market value crash to Reuters.
The chief financial officer added, “We are preparing for what could be a slower growth period, like most companies. Microsoft’s market value went from $2.5 trillion to roughly $1.78 trillion at the time of writing. Meanwhile, Meta’s market value was over $1 trillion in August 2021.ADVERTISEMENT However, the firm lowered its 12-month target from $170 to $152. CFRA analysts said: “High consumer inflation and weak sentiment are negatively impacting holiday e-commerce demand….”
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