Amazon market capitalization falls below $1 trillion

Amazon’s market capitalization fell below the $1 trillion mark for the first time since April 2020. As a result of trading yesterday, November 1, the company’s capitalization amounted to $987 billion. Now there are only four public companies with a market value of more than $1 trillion left in the world – Apple ($2.4 trillion), Saudi Aramco ($2.04 trillion), Microsoft ($1. 7 trillion) and Alphabet ($1.17 trillion).

Investors massively sell Amazon stock after weak financial reporting according to the results of the third quarter and the company’s disappointing forecasts for the end of 2022. The retailer’s stock quotes have been falling for five days in a row. As a result of yesterday, November 1, they fell by another 5.9%. In total, since the beginning of the year, Amazon’s capitalization has already decreased by 42%. Things were worse for the company only in 2008, at the height of the global financial crisis, when shares sank by 45% at the end of the year, and in 2000, when the dot-com bubble burst, and Amazon lost 80% of its value at the end of the year.

Kirill Sarkhanyants