Amazon plunges 15.8% intraday to a nearly two-year low as pandemic boom fades (update)
Michael Vi/iStock Editorial via Getty Images

Amazon (NASDAQ:AMZN) tumbled nearly 16% intraday Friday to mark the e-commerce giant's single worst daily decline since 2014, sinking at one point to its lowest level since June 2020.
AMZN dropped to as low as $2,432.50 during the session following weak Q1 results and forward guidance. Shares later partly recovered, but still ended the day at $2,485.63, down 14.1%.
While a large part of Amazon's quarterly loss was tied to the investment in Rivian Automotive, operating income outside of Rivian also fell below expectations. Amazon's revenue forecast for 3% to 7% in Q2 was enough to rattle investors looking for the pandemic sales boom to extend.
Walmart (WMT
-0.8%), Target (TGT
-0.7%) and Costco (COST
-1.1%) also traded lower early on Friday. The drops were a bit steeper for online retailers Etsy (ETSY
-2.2%), Chewy (CHWY
-2.0%) and Wayfair (W
-3.5%).
Amazon bulls slashed price targets on the e-commerce stock, but called out a strong second half setup.
Sign of the times? Amazon mentioned the word "inflation" 23 times on its earnings call.