(Bloomberg) — Amazon.com Inc.’s market value fell. briefly by $1 trillion after its disappointing earnings report and the outlook sent investors running for the exit.

The stock fell as much as 12% on Friday after the e-commerce giant forecast the slowest fourth-quarter holiday growth in company history, and sales of its web services business missed key estimates. That pushed Amazon’s market value down to about $995 billion before the stock tanked and closed down 6.8%.

The stock fell as much as 21% in after-hours trading on Thursday. Amazon joins a long list of US companies to see their market values ​​fall in this year’s bear market.

Read more: Amazon Plunges After Lackluster Holiday Sales Projection

“It (stock sell-off) appears to be an overreaction to us after a tough earnings week for the group,” Piper Sandler analyst Thomas Champion wrote in a note. Although the macro environment remains challenging, especially in Europe, the company’s forecast looks conservative.

The ranks of companies with valuations above $1 trillion have thinned this year as US Treasury rates soared and the highest inflation in years hit tech stocks hard. The Nasdaq 100 Index has fallen 29% from last year’s peak amid mounting risks to economic growth from supply chain snarls and the Covid-19 lockdown in China to the war in Ukraine.

Tesla Inc. has made the market value more than $1.2 trillion, when the market value fell to about $720 billion. The market value of Facebook parent Meta Platforms Inc. fell. by more than 75% from its peak of $1.08 trillion last year, leaving it out of the world’s 20 largest companies. Even Apple Inc., whose massive cash flows and fortress balance sheet make it a favorite destination for risk-averse investors, briefly lost its title as the world’s most valuable company to oil giant Saudi Aramco.

Bezos is about to drop $23 billion in wealth, among the worst on record

The Covid-19 pandemic helped supercharge Amazon’s businesses and drove its value to a peak of $1.88 trillion about a year ago. With growth now slowing and an uncertain macroeconomic backdrop, its shares have fallen by around 38% this year. Jeff Bezos, once the richest person in the world, was ranked No. 3 Thursday.

“Amazon could trade range-bound until there is evidence of the macro storm clearing and 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.

–With assistance from Matt Turner and Philip Sanders.

(Shares and valuations are updated throughout.)

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