LONDON (Bloomberg) - Amazon became an unfortunate first when its market value reached $879 billion, down from a high of $1.88 trillion in July 2021. It’s the first public company ever to lose over $1 trillion in market value.
Amazon isn’t the only company feeling the impact of a shaky economy and a return to life outside the home after the initial COVID-19 lockdowns. Microsoft’s market value peaked at around $2.5 trillion and sits at $1.78 trillion at the time of this writing. Meta, formerly known as Facebook, reached just over $1 trillion in value in August 2021 and now sits at about $285 billion. The Dow Jones Industrial Average is down more than 8% since the start of 2022 but has been lower at times this year.
Other sectors are hurting too. Video game sales are expected to fall overall in 2022. Likewise, media streamers boomed in 2021, but giants like Netflix are looking for more revenue amid financial instability.
Amazon CEO Andy Jassy recently launched a cost-cutting review of the company, The Wall Street Journal reported Thursday. That apparently includes suspending or eliminating unprofitable projects and reassigning employees. Amazon is also taking a close look at its device business, which includes Alexa-enabled smart speakers, the report noted.
Amazon did not immediately respond to request for comment.