Shulou(Shulou.com)11/24 Report--

CTOnews.com, Nov. 2 (Xinhua) last month, e-commerce giant Amazon found that it fell short of analysts' expectations after reporting third-quarter results, and their outlook for the next quarter was also disappointing, so investors began to sell its shares, causing the company's share price to plummet, with its market capitalization falling close to $1 trillion on Friday.

Shares of Amazon fell further on Monday and Tuesday, causing its market capitalization to fall below $1 trillion for the first time since the beginning of the COVID-19 pandemic more than two years ago.

Amazon shares closed down 5.5% at $96.79 on Tuesday, leaving a market capitalization of just $987.4 billion. CTOnews.com learned that this is the lowest closing price for Amazon shares since April 2020, down 43.20 per cent so far this year, and it is the fifth consecutive trading day in which Amazon shares have fallen by about 20 per cent.

It is worth mentioning that when Amazon's share price peaked on November 18 last year, its market capitalization was close to $1.9 trillion.

Amazon reported third-quarter net sales of $127.101 billion, up 15% from $110.812 billion in the same period last year, and 19% year-on-year growth excluding exchange rate changes; net profit was $2.872 billion, down 9% from $3.156 billion in the same period last year; diluted earnings per share were 28%, compared with 31% per diluted share in the same period last year.

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