Reuters
- Amazon lost its trillion-dollar valuation for the first time in two years Tuesday as its stock fell again.
- The online retailer's shares fell 5.5%, meaning its market capitalization slumped to $987 billion.
- Now only four companies are left in the trillion-dollar club: Apple, Microsoft, Alphabet and Aramco.
Amazon was kicked out of the trillion-dollar market cap club Tuesday, as a continuing selloff in the stock dragged the tech giant's valuation to its lowest point since 2020.
Shares in the online retailer were down 5.5% at $96.79 at the closing bell, making its 10.2 billion shares outstanding worth a combined $987 billion.
That's the first time the company's market capitalization has fallen below $1 trillion since it initially reached that level in April 2020.
Investors are turning away from Amazon after it released a poorly-received earnings report Thursday. It missed its third-quarter revenue targets and projected further sales slowdowns during the key holiday period in the last three months of 2022.
Its shares have fallen 12.3% since Thursday, meaning Amazon has seen $143 billion wiped off its market cap since it published the financial update. The stock was up about 0.3% at $97.06 in premarket trading Wednesday.
Now only four stocks remain members of the trillion-dollar club.
Apple is the world's largest stock by market capitalization, with a valuation of about $2.4 trillion. Saudi Arabian oil giant Aramco ($2.01 trillion) and Amazon's fellow Big Tech giants Microsoft ($1.70 trillion) and Alphabet ($1.17 trillion) are the other companies that are still worth over $1 trillion as of Tuesday's close.
Read more: Amazon said a strong dollar cost it $900 million more than expected in the past quarter
from Business Insider https://ift.tt/s3VYBvR
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