{"id":1790565,"date":"2022-12-30T09:33:44","date_gmt":"2022-12-30T14:33:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1790565"},"modified":"2022-12-30T09:34:08","modified_gmt":"2022-12-30T14:34:08","slug":"tech-stocks-got-crushed-this-year-with-amazon-losing-half-its-value","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tech-stocks-got-crushed-this-year-with-amazon-losing-half-its-value\/","title":{"rendered":"Technology stocks were crushed this year, with Amazon losing half of its value"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftech-stocks-got-crushed-this-year-with-amazon-losing-half-its-value%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1790565&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<div class=\"TopBanner-container\" data-top-banner-placeholder=\"true\"><\/div>\n<\/div>\n<div class=\"PageBuilder-col-full PageBuilder-col PageBuilder-article\">\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\">\n<div class=\"RenderKeyPoints-keyPoints\" id=\"RegularArticle-KeyPoints-4\" data-test=\"keyPoints-1\" data-analytics=\"RegularArticle-keyPoints-4-1\">\n<div class=\"RenderKeyPoints-wrapper\">\n<div class=\"RenderKeyPoints-list\">\n<div>\n<div class=\"group\">\n<ul>\n<li>Amazon shares are poised to finish their worst year in 2000 and second-worst on record.<\/li>\n<li>This year, the stock plunged 51%, wiping out market capital of hundreds of billions.<\/li>\n<li>Amazon was still the most valuable tech company and performed better than Meta, Tesla, and Google.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody-articleBody\" id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\">\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-107157714\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<div class=\"InlineImage-imageEmbedCaption\">On November 28, 2022, an Amazon driver loads packages into a delivery vehicle at an Amazon station in Alpharetta.<\/div>\n<div class=\"InlineImage-imageEmbedCredit\">Justin Sullivan | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>All mega-cap tech stocks suffered a tough year. 2022 was particularly difficult. <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\"><a href=\"https:\/\/www.cnbc.com\/quotes\/AMZN\/\">Amazon<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><\/span><\/button><\/span><\/span><\/span>.<\/p>\n<p>Shares in the e-retailer have had their worst year since 2000, when the dot-com collapse. The stock plunged 51% in 2022. It is now at its worst since 2000, when it fell 80%. Only <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\"><a href=\"https:\/\/www.cnbc.com\/quotes\/TSLA\/\">Tesla<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><\/span><\/button><\/span><\/span><\/span>&#8211; 68% less <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-3\"><a href=\"https:\/\/www.cnbc.com\/quotes\/META\/\">Meta<\/a><span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\"><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\"><\/span><\/button><\/span><\/span><\/span>66% less than the top tech companies.<\/p>\n<div class=\"ExclusiveContentBucket-exclusiveContentBucket\">\n<h2 class=\"ExclusiveContentBucket-exclusiveContentHeading\">Related investing news<\/h2>\n<div class=\"ExclusiveContentBucket-contentContainer\">\n<div class=\"BucketItem-bucketItem\">\n<div class=\"BucketItem-bucketImageContainer\"><img decoding=\"async\" class=\"BucketItem-bucketImage BucketItem-proItem\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/106871431-1618995206523-gettyimages-1230188826-AFP_8XC7VA-scaled.jpeg\" alt=\"A long-overdue reality check for tech stocks has reset the bar for 2023\"   style=\"display:none\"><\/p>\n<div class=\"BucketItem-proPillContainer\"><a href=\"https:\/\/www.cnbc.com\/pro\/\" class=\"ProPill-proPillLink\" data-type=\"pro-button\"><img decoding=\"async\" class=\"BucketItem-proPill ProPill-proPill\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/f7f282b4f7f47fceda1e.svg\" alt=\"CNBC Pro\" \/><\/a><\/div>\n<\/div>\n<div class=\"BucketItem-textContainer\">\n<div class=\"BucketItem-bylineContainer\">\n<div class=\"BucketItem-publishTime\">9 days ago<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Amazon&#8217;s market capitalization has dropped to $834 billion, from $1.7 trillion at the beginning of the year. The company <a href=\"https:\/\/www.cnbc.com\/2022\/11\/01\/amazon-plunge-pushes-valuation-below-1-trillion-first-time-since-2020.html\">fell out<\/a> Last month, the club was worth a trillion dollars.<\/p>\n<p>Many of Amazon&#8217;s problems are linked to the economy and macro-environment. Investors have moved away from growth to invest in companies that offer high profit margins and steady cash flow, as well as high dividend yields.<\/p>\n<p>Amazon stock investors had other reasons to sell the stock. As the predictions of an e-commerce boom that would last a long time after Covid failed to materialize, Amazon is facing slowing sales. The height of <a href=\"https:\/\/www.cnbc.com\/coronavirus\/\">the pandemic<\/a>Online retailers such as Amazon have become a trusted source for everything from toilet paper to face masks and patio furniture. As sales rose, Amazon&#8217;s stock reached record heights.<\/p>\n<p>The economy recovered and consumers began to shop in stores again, as well as spending more on travel and dining out. This led to Amazon&#8217;s remarkable revenue growth. This situation only got worse at the beginning of the year when Amazon announced that it would be closing its stores. <a href=\"https:\/\/www.cnbc.com\/2022\/04\/14\/andy-jassy-on-inflation-surcharge-amazon-cant-keep-absorbing-costs.html\">confronted higher costs<\/a> Inflation, war in Ukraine, and supply chain restrictions are all factors that can be correlated.<\/p>\n<p>Andy Jassy (Amazon CEO), who <a href=\"https:\/\/www.cnbc.com\/2022\/07\/05\/andy-jassy-just-wrapped-up-a-rocky-first-year-after-as-amazon-ceo.html\">succeeded<\/a> Founder <a href=\"https:\/\/www.cnbc.com\/jeff-bezos\/\">Jeff Bezos<\/a> In July 2021, the CEO admitted that the company had overhired workers and built its warehouse network in an effort to keep up with the pandemic-era demand. It has been since. <a href=\"https:\/\/www.cnbc.com\/2022\/09\/14\/map-of-amazon-warehouse-closures.html\">paused or abandoned<\/a> Plans to open some new facilities were put on hold and the company&#8217;s head count declined. <a href=\"https:\/\/www.cnbc.com\/2022\/07\/28\/amazon-amzn-q2-2022-earnings.html\">in the second quarter<\/a>.<\/p>\n<\/div>\n<div class=\"InlineImage-imageEmbed InlineImage-inlineInfographic\" id=\"ArticleBody-InlineImage-107172013\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div class=\"InlineImage-imagePlaceholder\">\n<div><button class=\"InlineImage-closeEnlargedImage\">Arrows that point outwards<\/button><\/div>\n<\/div>\n<div>\n<div class=\"InlineImage-imageEmbedCredit\">Amazon&#8217;s 2022 decline vs. Tesla, Meta<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Jassy <a href=\"https:\/\/www.cnbc.com\/2022\/10\/12\/amazon-cost-cuts-under-andy-jassy-reflect-new-reality-after-25-years.html\">has also embarked<\/a> The company conducted a thorough review of its expenses. Some programs were closed, and the company also placed a hiring freeze for its entire corporate workforce. Amazon announced what it expects to be the largest-ever corporate job reductions in its history last month. <a href=\"https:\/\/www.cnbc.com\/2022\/11\/17\/amazon-ceo-andy-jassy-says-layoffs-will-continue-into-next-year.html\">aiming to lay off<\/a> As many as 10,000 employees.<\/p>\n<p>Amazon&#8217;s cloud computing segment, which is often a refuge for investors recorded the lowest revenue growth. <a href=\"https:\/\/www.cnbc.com\/2022\/10\/27\/aws-earnings-q3-2022.html\">in the third quarter<\/a>.<\/p>\n<p>Many analysts are looking forward to 2023. <a href=\"https:\/\/www.cnbc.com\/2022\/12\/22\/needham-lowers-2023-estimates-for-amazon-says-investors-want-to-see-pricing-power-over-cost-cutting.html\">reduced their estimates<\/a>We are citing persistent macro headwinds as well as continued softness within online retail and cloud computing.<\/p>\n<p>In a Dec. 18 note Evercore ISI analyst Mark Mahaney stated that his 2023 Amazon estimates were lower than expected. He now predicts total retail sales growth of 6% for 2023, from 10% previously. He reduced his estimate for Amazon Web Services annual revenue growth to 20%, from 26%.<\/p>\n<p>Mahaney maintained that he is bullish on Amazon\u2019s long-term prospects and called it a &#8220;joke&#8221;. &#8220;buffet buy&#8221; Because of its variety of businesses. He highlighted Amazon&#8217;s growth in advertising, cloud, and retail, and its apparent protection from risk such as <a href=\"https:\/\/www.cnbc.com\/2022\/09\/06\/apple-is-gaining-on-facebook-and-google-in-online-ads-after-ios-change.html\">ad privacy changes<\/a>, and its ongoing investment in areas such as groceries, health care, logistics.<\/p>\n<p>&#8220;For those investors who utilize 2-3 year time horizons and are looking to take advantage of the recent dislocation in high quality &#8216;Net stocks, we highly recommend AMZN,&#8221; Mahaney has an outperform rating for the stock. Receiptary concerns are real. Earnings estimates will have to drop. &#8220;AMZN remains arguably the highest quality asset we cover in terms of Revenue and Profit outlooks,&#8221; Mahaney wrote.<\/p>\n<p><strong>WATCH:<\/strong> <a href=\"https:\/\/www.cnbc.com\/video\/2022\/12\/23\/recession-could-mark-end-of-headwinds-for-tech-stocks-like-amazon-and-meta-says-bairds-colin-sebastian.html\">Recession could mark end of headwinds for tech stocks like Amazon and Meta<\/a><\/p>\n<\/div>\n<div role=\"region\" aria-labelledby=\"Placeholder-ArticleBody-Video-107170925\">\n<div role=\"button\" tabindex=\"0\" id=\"Placeholder-ArticleBody-Video-107170925\" class=\"PlaceHolder-wrapper\" data-vilynx-id=\"7000278810\" data-test=\"VideoPlaceHolder\">\n<div class=\"InlineVideo-videoEmbed\" id=\"InlineVideo-0\" data-test=\"InlineVideo\">\n<div class=\"InlineVideo-wrapper\">\n<div class=\"InlineVideo-inlineThumbnailContainer\"><img decoding=\"async\" class=\"InlineVideo-videoThumbnail\" src=\"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107170926-16718150911671815088-27321219878-1080pnbcnews.jpg?v=1671815492&#038;w=750&#038;h=422&#038;vtcrop=y\" alt=\"Recession could mark end of headwinds for tech stocks like Amazon and Meta, says Baird&#039;s Colin Sebastian\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"WatchLiveRightRail-inline WatchLiveRightRail-container\" id=\"RegularArticle-WatchLiveRightRail-7\" data-test=\"watchLiveRightRail-4\" data-analytics=\"RegularArticle-watchLiveRightRail-7-4\">\n<div class=\"WatchLiveRightRail-contents\"><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButton\">WATCH LIVE<img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/4db8932b7ac3e84e3f64.svg\" class=\"WatchLiveRightRail-logo\" alt=\"logo\" \/><\/a><a href=\"https:\/\/www.cnbc.com\/live-tv\/\" class=\"WatchLiveRightRail-wlButtonMobile\">WATCH IN THE APP<\/a><\/div>\n<\/div>\n<\/div>\n<div class=\"PageBuilder-col-9 PageBuilder-col PageBuilder-article\"><\/div>\n<div class=\"PageBuilder-col-12 PageBuilder-col PageBuilder-article\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amazon shares are poised to finish their worst year in 2000 and second-worst on record. This year, the stock plunged 51%, wiping out market capital of hundreds of billions. Amazon was still the most valuable tech company and performed better than Meta, Tesla, and Google. On November 28, 2022, an Amazon driver loads packages into &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1790568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[4558,5458,7837,8371,3819,10467,11458,5734],"class_list":["post-1790565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-amazon","tag-bongino","tag-crushed","tag-losing","tag-report","tag-stocks","tag-technology","tag-year"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1790565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1790565"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1790565\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1790568"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1790565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1790565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1790565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}