Why Amazon Stock Crashed Today
Amazon.com's stock price (NASDAQ: AMZN) plunged 14% on Friday, as concerns regarding the online retail titan's slowing growth and rising costs drove many investors to sell their shares.
Amazon's revenue rose 7% year over year to $116.4 billion in the first quarter. That's down from 9% growth in the fourth quarter of 2021 and a staggering 44% increase in the prior-year period.
Amazon's pace of expansion has decelerated as the economy has reopened. A lifting of coronavirus-related restrictions in the U.S. and many other countries means more people are shopping inside traditional retail stores once again. E-commerce growth, in turn, has slowed. Online retail sales in the U.S. fell 3.3% year over year in March, according to digital payments leader Mastercard.
Source Fool.com
