Several high-flying stocks that surged during the COVID-19 crisis have since crashed to prices below their pre-pandemic levels.
Chegg, the online learning platform, is currently sitting at about $20 a share, a 52% discount from its stock price three years ago.Zoom closed today at $106.55, only slightly above where it was three years ago at $96.67.Current prices are a reflection of a tougher operating environment as more people get outside, and of a downturn that some fear may become a recession.
Companies are dealing with more variables now than when the world was sitting squarely in the middle of the pandemic, when everyone stayed home.“This notion of stay-at-home companies and stocks is somewhat anachronistic,” Scott Kessler, global sector lead for technology, media and telecom at Third Bridge, tells Axios.Zoom out:
Companies that spend money on advertising have been pulling back as they face growing macroeconomic challenges like high inflation, rising interest rates and geopolitical risks associated with Russia’s war with Ukraine.
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