Amazon and Alphabet\'s $100 Billion Rout Nips at Facebook Record

Amazon and Alphabet's $100 Billion Rout Nips at Facebook Record

(Bloomberg) -- Amazon.com Inc. and Alphabet Inc. are tumbling in the wake of disappointing revenue growth, and it’s costing investors big money.

The losses are on pace to wipe out more than $100 billion in stock-market value, a milestone that brings back memories of Facebook Inc.’s second-quarter debacle. Amazon fell as much as 10 percent on Friday, erasing about $86 billion in market value. That would be its biggest one-day market-cap drop ever, and one of the five biggest for any U.S. stock. Google-parent Alphabet’s 5 percent decline cut its market capitalization by about $38 billion.

While Friday’s losses reaffirm Amazon’s and Alphabet’s membership in the dubious history book of market-cap collapses, they’re 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 percent over the course of a single trading session, carving about $120 billion off its value.

As of Thursday’s close, Amazon’s market cap was $869.2 billion, making it the third-largest U.S. stock behind Apple ($1.06 trillion) and Microsoft ($831.3 billion). Fourth-ranked Alphabet had a value of $765.1 billion.

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