Amazon Slips Below $1 Trillion in Value After Bleak Outlook
- Shares later rebounded, pushing market cap above $1 trillion
- Forecasts the slowest holiday-quarter sales growth ever
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Amazon.com Inc.’s market value briefly fell below $1 trillion after its disappointing earnings report and outlook sent investors running for the exit.
The stock fell as much as 12% on Friday after the e-commerce giant projected the slowest holiday-quarter growth in the company’s history, while sales at its important web services business missed estimates. That sent Amazon’s market value down to about $995 billion before the stock rebounded and closed with a decline of 6.8%.