November 3, 2022: -Amazon has exited the trillion-dollar club. On Tuesday, shares of the e-retailer are coming down 5.9%, which falls for a fifth straight day and closes at their lowest since April 2020. The sell-off has erased all of the stock’s pandemic increase.
Investors resumed punishing the company for the previous week’s disappointing fourth-quarter projection. Amazon added revenue during the holiday quarter would grow 2% to 8% more than the year-ago period, far below analysts’ estimates. The cloud division, Amazon Web Services, reported weaks sales.
It’s the first time Amazon’s market cap has been less than $1 trillion since April 2020. The stock had decreased 42% in 2022 and is on speed for its worst year since 2008 when it declined 45%. The only worse year was the dot-com boom of 2000 when the company lost 80% of its value.
Like the rest of Big Tech, Amazon has struggled this year due to which slump economy, soaring inflation, and rising interest swiftness. On top of that, Amazon has been forced to grow back after expanding dramatically during the pandemic, and consumers have returned to stores.
Amazon has been the second-worst performer in the Big Tech group this year, behind Facebook parent Meta, which has plummeted 72%. Meta told investors last week that revenue in the fourth quarter would likely decline for the third period.
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AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
When Darren Woods took the reigns of ExxonMobil six years ago, no one could have anticipated that the Kansas resident would soon face what Texas oil patch vets call “a whole pile of trouble.” Three years later, the oil market collapsed during the COVID-19 pandemic, which dealt the 140-year-old oil organization its first annual upset in four decades.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
The activation of the Fallon Two Rock solar farm project has recently bolstered the Californian energy …