The market caps of Apple and Amazon are down more than $830 billion by 2022. Apple and Amazon lost $800 billion in market cap. This is the same as the market value of eight Intels, ten PayPals, eighteen Snowflakes or forty-nine Rivas.
To fully understand the meaning of a particular statistic, sometimes a little perspective is required. That applies to the huge losses that Apple and Amazon booked last year.
The two stocks saw the biggest drop in market capitalization in 2022. Amazon lost $834.06 billion in value and Apple lost $846.34 billion. Market Capitalization calculates the total value of all shares of a company.
The total value lost by the two companies exceeds that of other household IT stocks combined. In a tweet, Bespoke Investment Group called the numbers “staggering”.
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Shares of Amazon fell as the company’s earnings sputtered and its Q4 outlook was depressing. Its performance has been consistent with that of the wider technology industry, which has negatively impacted rising interest rates, sluggish internet advertising and others.
Despite being one of the few major tech companies able to avoid a decline in revenue, Apple nonetheless struggled as concerns about adoption of its new devices circulated. It had trouble shipping the iPhone 14 over the holiday season due to Covid-19 restrictions on primary manufacturing in China.
Along with other companies in the industry, the personal technology leader has halted hiring as concerns about a future recession have increased.
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A future recession could weaken demand as people put off buying expensive things to save money. During Tuesday’s trading, Apple shares fell 3.7%, marking a 52-week low as the market cap fell below $2 trillion for the first time since May.
However, the size of these two companies in the stock market can be overlooked in the data. Amazon was more than twice the size of its fellow Meta Platforms, which had a year-end market worth $315.56 billion. Apple had an estimated value of $2.067 trillion as of December 30.
The combined market value of the two stocks lost more than twice as much in one year as they gained.
The value of the $830 billion loss alone equals
- the market cap of 10 PayPal
- 8 Intels,
- 18 snowflakes or
- 49 Rivians
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