Amazon started 2022 with a $1.7 trillion market cap, which dropped to around $834 billion. Inflation and rising interest rates drove investors away from growth companies like Amazon in favor of companies with high profit margins and more consistent cash flow, according to the report.
This year Amazon also reported slower sales as people relied less on online shopping than they did in the last two years during the COVID-19 pandemic. Andy Jassy, Amazon CEO, also said earlier this year the company overbuilt its warehouse network and over hired workers.
Amazon has begun laying off thousands of workers and analysts have reduced 2023 growth estimates for the company.
Despite the losses, Amazon is moving ahead with its healthcare business after launching Amazon Clinic in November.
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