Skip to navigationSkip to content
Reuters/Joshua Roberts
Yikes.
NO TRICK OR TREAT

October was Amazon’s worst month on the stock market since the financial crisis

By Alison Griswold

October wasn’t pretty for Amazon.

The company’s stock tumbled 20.2% in October, its worst month since sliding 25.4% in November 2008, during the heart of the financial crisis. Amazon climbed 4.4% on Oct. 31, ending the month at $1,598.01 a share.

It was Amazon’s thirteenth-worst month on record. The company’s all-time worst monthly performance came in February 2001, when the collapse of the dot-com bubble erased 41.1% of its share price.

MonthAmazon stock performance
February 2001-41.1%
December 2000-37.0%
September 2001-33.2%
November 2000-32.6%
May 1999-31.0%
July 2006-30.5%
July 2004-28.5%
August 2001-28.4%
November 2008-25.4%
June 2000-24.8%
August 1998-24.5%
October 2008-21.3%
October 2018-20.2%

This month’s plunge was triggered in part by third-quarter earnings released Oct. 25 that showed Amazon’s most important businesses were slowing down. Growth in Amazon.com, commissions and services for third-party sellers, subscription products like Amazon Prime, and cloud-computing business Amazon Web Services all slowed in the most recent quarter.

Amazon is also facing increased pressure from retailers looking to compete on selection and convenience. Walmart-owned Sam’s Club is opening an Amazon Go-like location in Dallas, Texas, that lets customers skip the line by shopping and paying through an app. Target is doubling down on private-label brands—a merchandise category that Amazon has been investing heavily in lately.

October’s selloff hit Jeff Bezos particularly hard. Amazon’s CEO lost $19.2 billion over two consecutive trading days, a record-setting decline, according to Bloomberg. Amazon’s October losses sliced roughly $30 billion off Bezos’s personal fortune in total, which started the month at a formidable $165 billion. Bezos remains the richest person in the world, with a comfortable lead on no. 2 Bill Gates’s $93.4 billion net worth.