Amazon Earnings Swoon Strips It of No. 2 Market-Cap Ranking
Amazon.com is no longer the world’s second most valuable company.
(Bloomberg) -- Amazon.com is no longer the world’s second most valuable company.
The online retailer plunged 6.7 percent to $1.662 as of 2 p.m. in New York, leaving it with a market capitalization of just under $813 billion. The stock is down almost 20 percent from a record $2,039.51 set Sept. 4, when it briefly became the second U.S. company to top $1 trillion in value, after Apple.
Microsoft reclaimed the No. 2 ranking, helped by a 5 percent rally Thursday following its earnings report. The stock fell 1 percent Friday to $107.21, leaving the company worth $823.2 billion. Apple’s market cap stood at $1.05 trillion.
To contact the reporter on this story: Luke Kawa in New York at lkawa@bloomberg.net
To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka
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