Amazon's market value briefly fell below $1 trillion after its earnings report and outlook disappointed investors.
The stock fell as much as 12 per cent on Friday after the e-commerce company projected the slowest holiday-quarter growth in its history, while sales at its web services business missed estimates.
That sent Amazon’s market value down to about $995 billion before the stock rebounded and closed 6.8 per cent lower.
The stock fell as much as 21 per cent in after-hours trading on Thursday.
Amazon is joining a long list of US companies whose market valuations crumbled in this year’s bear market.
“It [stock sell-off] looks like an overreaction to us after a difficult earnings week for the group,” Piper Sandler analyst Thomas Champion wrote in a note.
While the macro environment remains challenging, especially in Europe, the company’s forecast “looks conservative”.
The ranks of companies with valuations in excess of $1tn have thinned this year, with soaring US Treasury rates and the highest inflation in decades weighing heavily on the stocks of technology companies.
The Nasdaq 100 has fallen 29 per cent from last year’s peak amid rising risks to economic growth from supply problems and coronavirus lockdowns in China to the war in Ukraine.
The market value of electric car maker Tesla, once worth more than $1.2tn, tumbled to about $720bn. Facebook parent Meta Platforms' market value plunged by more than 75 per cent from its $1.08tn peak last year, forcing it out from the ranks of the world’s 20 largest companies.
Apple, whose huge cash flows and strong balance sheet have made it a favourite destination for risk-averse investors, briefly lost its title as the most valuable company in the world to oil company Saudi Aramco.
The pandemic had helped supercharge Amazon’s businesses and propelled its value to a $1.88tn peak about a year ago.
With growth now slowing and an uncertain macroeconomic backdrop, its shares have fallen by about 38 per cent this year. Jeff Bezos, once the richest person in the world, was ranked third as of Thursday.
“Amazon could trade range-bound until there is evidence of the macro storm clearing and a sustainable improvement in profitability,” said Brent Thill, an analyst at Jefferies, who has a buy rating on the stock and a price target of $135.
'Will%20of%20the%20People'
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
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Company%20Profile
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
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The flights: South African Airways flies from Dubai International Airport with a stop in Johannesburg, with prices starting from around Dh4,000 return. Emirates can get you there with a stop in Lusaka from around Dh4,600 return.
The details: Visas are available for 247 Zambian kwacha or US$20 (Dh73) per person on arrival at Livingstone Airport. Single entry into Victoria Falls for international visitors costs 371 kwacha or $30 (Dh110). Microlight flights are available through Batoka Sky, with 15-minute flights costing 2,265 kwacha (Dh680).
Accommodation: The Royal Livingstone Victoria Falls Hotel by Anantara is an ideal place to stay, within walking distance of the falls and right on the Zambezi River. Rooms here start from 6,635 kwacha (Dh2,398) per night, including breakfast, taxes and Wi-Fi. Water arrivals cost from 587 kwacha (Dh212) per person.
