Remember when Zoom happy hours were a thing?
Things look a little different as we close out 2022. The world is entering its third COVID winter and many of the companies whose share prices surged during the pandemic have seen those stocks come tumbling back.
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Take Zoom, for instance. Shares of the video conferencing platform have fallen about 90% since their pandemic peak in October 2020. Shares fell about 10% just on Tuesday after the company cut its annual sales forecast and posted slowing growth numbers.
Let’s take a look at five other companies that benefited from the pandemic boom but have since come tumbling down.
Peloton Interactive: Shares of Peloton were riding high in December 2020, when they peaked around $152. But the pandemic fuel had worn off less than a year later, and shares are currently trading around $10.
Netflix: Shares of the streaming giant hit a pandemic high of around $690 in October 2021 as viewers curled up to binge watch their favorite shows. The stock is now trading at about half of that as viewers’ attention is divided with plenty of streaming options from Apple, HBO, Hulu and others.
Domino’s Pizza: Shares of Domino’s hit their pandemic high in late December 2021 at around $564 but are now trading around $376 — down about a third.
Carvana: Shares of used-car marketplace Carvana hit an all-time high in August 2021 as used-car prices soared amid a global chip shortage that in turn prompted a shortfall of new cars. Now Carvana shares are trading at an all-time low as used-car prices fall.
Moderna Therapeutics: Shares of Moderna peaked in September 2021, when the COVID vaccinemaker was still benefiting from people lining up to be jabbed. Although the company has said its latest boosters are more effective against the Omicron variant than the original vaccine, not that many people are clamoring to get the latest shots. Moderna shares are trading about 60% below their pandemic high.
Illustration: Dom Guzman
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