Even amid the holiday shopping season, shares of tech giant Amazon’s stock is hovering at a fresh 52-week low, down 50.3% year-to-date and 12% in December alone.
The stock is rivaling dreadful performance from other tech giants, such as Meta Platforms, which has suffered a 63% drop this year, and Netflix, which has plunged about 53% in 2022.
Amazon investors are worried about still-inflated costs and the company’s operating performance in what appears to be a disappointing holiday shopping season.
Back in October, Amazon announced it missed third-quarter analyst estimates, as top-line growth continued to cool and costs remained elevated. For the fourth quarter, the tech giant adjusted it’s revenue estimates to between $140 billion and $144 billion, instead of the $155 billion originally projected by analysts.
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Market Recap Week of 12/12/2022 Through 12/16/2022