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Amazon Inc (NASDAQ: AMZN) has lost almost all the gains that it made during the pandemic after falling rapidly, specially after it reported its first quarter results last week.
The stock has fallen more than 40% from the company’s year-to-date intraday high of $3,773.08, which it hit July 13, 2021.
The stock closed at $2,177.18 on Tuesday, up just 0.06% from Monday. The last time Amazon traded around these prices was on February 20, 2020, when the stock reached an intraday high of $2,176.79, reported CNBC.
Fall of e-commerce stocks
During the pandemic, e-commerce stocks rose steadily, as consumers were confined to their houses and bought everything via online retailers. As consumers, flock back to digital stores, e-commerce stocks are under the pressure to sustain the exponential growth witnessed during the pandemic.
Meanwhile, Amazon missed the consensus estimates for earnings in the first quarter, while the revenues were in-line with the expectations. The company posted total revenues of $116.4 billion, which is 7% more than the year-ago figure.
The Federal Reserve’s announcement to raise benchmark interest rates has driven a stock sell off, hitting the technology sector particularly hard, with tech giants losing more than $1 trillion in value between Thursday and Monday.
Source - CNBC
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