Amazon’s stock falls as less people shop online

After the business revealed a slowdown in the growth of online sales in the second quarter and stated that customers were searching for less expensive choices for their purchases, Amazon’s shares plunged by about 10% on Friday.

Ahead of retail behemoth Walmart’s quarterly results later this month, the comments from the online shopping giant aligns with previous consumer behavior that is price concerned.

During a call following results, Andy Jassy, the CEO of Amazon, stated that consumers were negotiating lower pricing where they could.

One of the greatest losers on the Nasdaq was the company’s stock, which was trading at around $166. If these losses continue, Amazon’s market value is expected to drop by almost $188 billion.