The Amazon stock market could tumble again.
This time, it could be for real.
The tech giant, which has struggled to generate profits over the past few quarters, is under pressure to get back on track.
A company spokesperson told Business Insider that Amazon’s stock price has declined in both directions in recent weeks.
The stock has fallen to below $40 per share and is now trading below $35 per share.
That’s down from an average of $62 per share through the first nine months of 2017, according to FactSet data.
The stock market has lost about 3% of its value over the last year, the company said, adding that Amazon stock has “become less relevant as the market has been shifting.”
The company’s stock is currently trading at about $35.90.
Amazon’s stock has also been under pressure since November when it announced that it was planning to open a new fulfillment center in California.
The company also announced plans to sell off some of its online retail business, including its online grocery business, and move it to the United States.