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  • btc = $70 348.00 40.09 (0.06 %)

  • eth = $3 524.64 -5.15 (-0.15 %)

  • ton = $7.17 0.44 (6.50 %)

10 Nov, 2022
1 min time to read

The largest online retailer in the world, Amazon has lost $1 trillion in market value. Microsoft Corp. is close losing almost $900 billion.

The factors that contributed to such disastrous financial results include tightening monetary policy, rising inflation and disappointing earning updates.

The company has spent this year trying to get used to a sharp decline in e-commerce, with customers returning to pre-pandemic shopping habits. Fewer sales, bigger costs, higher interest rates caused an almost 50% fall of Amazon’s share value.

In October, the online retailer estimated that the revenue growth for this holiday season would be the slowest, with customers cutting their spending due to global economic uncertainty.

Against this background, Amazon’s market value fell below $1 trillion for the first time since pandemic-induced rises. When it fell by 4,3% this Wednesday, retailer’s market value stood at $879 billion, which is $1 trillion less than its record value of $1,88 trillion reached back in July 2021.

Fears of recession have exacerbated the situation in the technology sector, with top 5 US technology companies witnessing the loss of $4 trillion in their value.