The market capitalization of e-commerce giant Amazon (AMZN) has fallen below $1 trillion U.S.,
its lowest level in more than two years ago, as the selloff in technology stocks continues.
The stock declined 5.5% on November 1 to end the trading session at $96.79 U.S. per share,
giving the Seattle-based company a market capitalization of $987 billion U.S. That is the lowest
level the shares have been at since the COVID-19 pandemic began in spring 2020.
A year ago, Amazon had a market capitalization of nearly $2 trillion U.S. The company’s stock is
down 43% this year and the selloff has worsened since the company reported disappointing
third quarter results and provided weak forward guidance at the end of October.
Specifically, Amazon forecast the slowest holiday sales in its history, prompting its stock to
decline about 20% over the past week.
Amazon is also struggling to adjust its operations coming out of the pandemic as consumer
spending slows and interest rates rise. In recent months, the company has closed warehouses,
laid off more than 100,000 workers globally, and canceled its expansion plans.
