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.