By Ryan VlastelicaAmazon.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 United States 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 United States 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.