27 September 2022
By : Quick Insurance Guru
Amazon stock has nearly shed all its pandemic gains
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By : Quick Insurance Guru
So far this year, Amazon.com is the worst-performing stock in the trillion-dollar-market-cap club that includes Apple Inc, Microsoft & Alphabet.
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The Seattle-based giant's shares have lost about 30% of their value in the past 12 months.
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The steep decline has deprived the company's investors of almost all pandemic gains.
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However, it remains hard to call a bottom for the stock as interest rate hikes keep hitting stocks like Amazon by diminishing the value of their future earnings.
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Market cap of $1.18 trillion, the Seattle-based Amazon remains the U.S.'s fourth-most valuable company, trailing Apple, Microsoft, and Alphabet.
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Amazon's core e-commerce business has been struggling with high costs and slowing growth in consumer demand, the company's other units continue to show strong growth.
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Revenue for Amazon Web Services grew 33% in the second quarter to $19.7 billion.
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Amazon's advertising business, which the company recently began breaking out financial data, grew 18% to $8.8 billion in the quarter.
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During the past quarter, Amazon announced the buyout of virtual healthcare company One Medical for $3.49 billion and iRobot Corp.
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