Amazon shares have been battered this year by a broader market selloff tied to soaring inflation, a worsening economy, and rising interest rates.
amid unprecedented online demand. Amazon saw a rush of orders from consumers at the height of the pandemic, as many avoided trips to physical stores and turned to the web for essential and non-essential goods.
Last year, the story began to change, as e-commerce companies reckoned with tough year-over-year comparisons and the economy started to reopen, leading many people to return to physical stores. By early 2022, higher costs tied to inflation, supply chain constraints and the war in Ukraine generated further pressure on Amazon and other tech companies.
For Amazon, the challenges go deeper. It's also contending with slowing growth in its core retail business, and the company has been forced to scale back after it historic expansion during the pandemic.on a wide-ranging review of the company's expenses, resulting in some programs being shuttered, and a hiring freeze across its corporate workforce.
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