Investors were hoping for more from Amazon in the second quarter, and when the e-commerce giant didn’t deliver, its stock took a beating – as did competitors’ shares. Amazon’s results seemed to confirm the fears of analysts and investors who suspected that e-retailers’ pandemic-era performances would not and could not outlast the crisis. On Friday, eBay, Etsy, and Wayfair all saw their shares fall between 7% and 8%. Amazon’s shares told a similar story, and the online retailer’s outsized market value took an outsized hit.
Amazon had its worst day on the market in more than a year, falling 7.6% and wiping out about $75 billion in market value.