As investors worry about bloating costs and inflation continues to sap consumer’s pocketbooks, Amazon shares are stumbling through a difficult holiday season.

Shares are down 50.3% year to date, hitting a new 52 week low. The stock is following the sinking performance of its fellow FAANG (Facebook/Meta, Apple, Amazon, Netflix, Google) equities, as Meta sits 63% down year to date and Netflix is down about 53%.

Just in December, Amazon has lost about 12% of its share price, as a government retail sales report came in with lackluster numbers for November.

This week EvercoreISI tech analyst Mark Mahaney warned in a client note, “Consistent with our recently published 2023 uutlook report, we are lowering our estimates and price target on Amazon in the wake of several proprietary datapoints that suggest ongoing softness in online retail and cloud computing demand. We have cut our 2023 and 2024 revenue estimates by 4% & 5%, and our 2023 & 2024 operating Income estimates by 9% & 8% and are now below the Street.”

Also hurting the stock is its own operating performance as it enters the peak holiday season.

On October 27th, Amazon announced it had missed analyst’s estimates for the third quarter. It noted costs remained elevated and top line growth was continuing to cool. Amazon went on to guide to between $140 billion and $144 billion for the fourth quarter, compared to the $155 billion analysts were projecting.

The next day shares plummeted 10%.

In an effort to try and gain control over its cost structure, Amazon then began laying off roughly 10,000 employees in November.

Meanwhile other analysts share Mahaney’s cautious short-term views about the stock. Jefferies tech analyst Brent Thill wore in a note, “We believe that Amazon has the most downside in our mega-cap coverage given its exposure to inflationary cost headwinds and a potential impact from slowing consumption.”