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.
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.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices: