Amazon Closes Below $1 Trillion in Market Value for First Time Since 2020

    Amazon.com closed below the $1 trillion mark in market value for the first time since the early days of the Covid-19 pandemic .
    By: BLOOMBERG
    | Updated on: Nov 02 2022, 18:28 IST
    Thrilling iPhone 13 PRICE CUT rolled out on Amazon and Flipkart
    iPhone 13
    1/5 iPhone 13 128GB variant is priced at Rs. 73,909 on Flipkart, at a discount of 7 percent. Flipkart is also offering an exchange bonus on the iPhone 12. You can get up to Rs. Rs. 19,000 off on the price on the iPhone 13. However, the exchange bonus depends on the model and condition of your old smartphone. (Apple)
    iPhone 13
    2/5 Flipkart is also offering several bank offers on the iPhone 13 including Rs. 4000 instant discount on HDFC Bank Credit Cards and Credit and Debit Card EMI Transactions, and 5 percent cashback on Flipkart Axis Bank Card. (Bloomberg)
    image caption
    3/5 Amazon is offering an amazing discount on the iPhone 13. The 128GB variant of the iPhone 13 is priced at Rs. 68,900, at a discount of 14 percent. However, Amazon has not offered any bank offers on the iPhone 13 as of now. (Apple)
    iPhone 13
    4/5 You can get up to Rs. 12,750 off on the iPhone 13 if you exchange an old smartphone. Like the Flipkart offer, the exchange bonus depends on the model and condition of your old smartphone. (Apple)
    iphone 13 price
    5/5 iPhone 13 Specifications - Apple’s flagship iPhone 13 comes with a 6.1 Super Retina XDR OLED display. The phone runs on iOS 15 and Apple’s A15 Bionic chipset, along with a four-core GPU. The phone features a dual-camera system of two 12-megapixel cameras that are capable of shooting 4K videos. The 12-megapixel selfie camera also comes with smart HDR to capture deeper contrast. The iPhone 13 supports 5G connectivity, MagSafe wireless charging and Wi-Fi 6 connectivity support. (Apple)
    Amazon
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    The stock fell 5.5% to end at $96.79, representing a market capitalization of $987.4 billion. (REUTERS)

    Amazon.com Inc. shares fell on Tuesday, with the e-commerce and cloud-computing company closing below $1 trillion in market value for the first time since the early days of the Covid-19 pandemic more than two years ago.

    The stock fell 5.5% to end at $96.79, representing a market capitalization of $987.4 billion. Shares closed at their lowest level since April 2020, and have dropped 42% this year. At its Nov. 18 peak, Amazon boasted a market cap of nearly $1.9 trillion.

    It was the fifth straight negative session for Amazon -- down about 20% over the period. Meanwhile, the Nasdaq 100 Index fell 1% on Tuesday.

    Recent weakness was spurred by the Seattle company's earnings report last week, when it projected the slowest holiday-quarter growth in its history. Amazon, which had posted record profits during the pandemic, said sales would increase by only 2% to 8% during what has traditionally been its peak season.

    Amazon, along with most other major technology and internet stocks, has been pressured throughout 2022 by concerns over slowing growth and rising interest rates. The economic uncertainty has weighed on the multiples of high-valuation stocks.

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    First Published Date: 02 Nov, 18:28 IST
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