By Ryan Vlastelica
Amazon.com Inc. and Alphabet Inc. tumbled in the wake of disappointing revenue growth, and it cost investors big money.
The losses wiped out $82 billion in stock-market value, a milestone that brings back memories of Facebook Inc.s second-quarter debacle. Amazon fell 7.8 per cent on Friday, erasing about $66 billion in market value. It was its biggest one-day market-cap drop ever, and one of the five biggest for any U.S. stock. Google-parent Alphabets 1.8 per cent decline cut its market capitalization by almost $16 billion.
While Fridays losses reaffirm Amazons and Alphabets membership in the dubious history book of market-cap collapses, theyre nowhere near taking the individual title. That record belongs to Facebook, which in July became the first U.S. stock in history to shed $100 billion in value in a single session after reporting disappointing quarterly sales and user growth. The stock sank 19 per cent over the course of a single trading session, carving about $120 billion off its value.
Amazons market cap was $803.3 billion as of Fridays close. Microsoft Corp. ($821 billion) reclaimed the title of worlds second most valuable company, behind Apple Inc. ($1.04 trillion). Fourth-ranked Alphabet now has a value of $749.1 billion.
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