Jeff Bezos, founder of Amazon
Katherine Taylor | Reuters
Amazon posted its fifth straight day of losses Friday, making it the worst week for the stock since late February.
Shares traded 1.26% lower on Friday, and closed down 7.44% for the week. Heading into the week, Amazon had posted 10 straight weeks of gains, its longest weekly winning streak in history.
Amazon has been one of the strongest performers during Covid-19 pandemic, as people increasingly turn to online shopping in the face of retail closures and shelter-in-place orders. Many companies also increased their reliance on cloud computing providers, including Amazon’s highly lucrative Amazon Web Services unit, as overall online activity increased.
Amazon shares still are up 60% year to date, as of Friday’s close.
Shares of other major tech companies also struggled this week, as shares of Facebook, Alphabet and Microsoft all finished down for the week. In addition, Netflix shares dropped more than 6% on Friday after the company reported weaker-than-expected guidance on new subscribers.
