(Bloomberg) -- Shares of e-commerce companies from Etsy Inc. to Shopify Inc. tumbled in premarket trading Thursday after weaker-than-expected quarterly earnings results and forecasts deepened concerns that the pace of online shopping has slowed.

Etsy sank as much as 13% after providing second quarter gross merchandise sales forecast that fell short of analysts’ expectations, while Canada’s Shopify dropped 16% in New York trading after merchandise volume and revenue for the first quarter couldn’t meet analyst expectations.

The flurry of disappointing results and guidance follows Amazon Inc.’s historic rout last week after the tech giant reported a revenue forecast that came in below what Wall Street had projected. Amazon’s shares have slumped 32% from its peak in July, wiping out about $600 billion in market value.

The selloff has highlighted how difficult the environment has become for the group after their pandemic-driven boom. The blazing rally e-commerce stocks saw at the height of Covid-19 lockdowns in 2020 has reversed as consumers returned to their pre-pandemic habits and inflation cooled their spending. Amazon executives said last week they were watching for whether shoppers will trim their purchases to offset rising prices as fuel and labor costs bite.

Among other e-commerce stocks, EBay Inc. fell as much as 8.1% in premarket trading after giving lackluster sales and profit outlooks for the second quarter with analysts pointing to macro headwinds, including the Ukraine war, surging inflating and weakening consumer confidence. Wayfair Inc. declined 10% after its first-quarter adjusted loss per share was wider than analysts’ projections. Its chief executive officer Michael Fleisher also announced his retirement.

The Amplify Online Retail ETF has plunged 37% in 2022, while the broader SPDR S&P Retail ETF declined 17% over the same period.

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