As Amazon's stock price fell from 113 to 6, its number of customers rose every month.

The claim: while Amazon's share price fell from roughly $113 (its late-1999 peak) to roughly $6 (its 2001 low), the company's customer count rose every month. True: Amazon's reported customer counts (cumulative customer accounts or active customers in quarterly results, 10-Qs/10-Ks or shareholder letters) rose in every reported period across the decline, the price endpoints are about $113 and $6 (within a few dollars), and no reported decline in customers appears. Mostly true: customers grew in every reported period and the price range holds roughly, but a minor detail is off, such as the decline running into 2001 rather than being confined to 2000, or only quarterly figures being available to support 'every month'. Mostly false: the share price fell by a much different amount, or the customer count grew overall but fell or stayed flat in at least one reported period. False: Amazon's customer counts fell over the period, or the share price figures are wrong outright.

Set before the research began.

1. E1 Amazon.com Third-quarter Sales Up 79% Year-Over-Year; Electronics Store Becomes Second-Largest Business At Amazon.com, Surpassing Music Amazon.com (press.aboutamazon.com) · 24 October 2000 Own record

   “Amazon.com worldwide cumulative customer accounts increased by over 2.8 million during the quarter to over 25 million as of September 30, 2000.”

2. E2 Amazon.com Announces Profitability In U.S.-Based Book Sales, Financial Results for Fourth Quarter 1999 Amazon.com (press.aboutamazon.com) · 2 February 2000 Own record

   “Amazon.com announced that cumulative customer accounts increased by 3.8 million during the fourth quarter to more than 16.9 million at December 31, 1999, an increase of more than 170 percent from 6.2 million customer accounts at December 31, 1998.”

3. E3 Jeff Bezos' 2000 letter to shareholders The Seattle Times (archive) · 14 April 2001 Own record

   “We served 20 million customers in 2000, up from 14 million in 1999.”

4. E4 Jeff Bezos' 2000 letter to shareholders The Seattle Times (archive) · 14 April 2001 Own record

   “As of this writing, our shares are down more than 80% from when I wrote you last year.”

5. E5 Amazon.com Announces Profitability In U.S.-Based Book Sales, Financial Results for Fourth Quarter 1999 Amazon.com (via Business Wire) · 2 February 2000 Own record

   “Amazon.com announced that cumulative customer accounts increased by 3.8 million during the fourth quarter to more than 16.9 million at December 31, 1999, an increase of more than 170 percent from 6.2 million customer accounts at December 31, 1998.”

6. E6 PRESS RELEASE DATED 04/24/2001 SEC.gov (Amazon.com, Inc. Exhibit 99.1) · 24 April 2001 Own record

   “Cumulative customer accounts grew to over 32 million, which includes 6 million international customers”

7. E7 Amazon.com Releases Preliminary Fourth Quarter Highlights -- Sales Up More Than 40% Over 1999, Fueled by Growth in Electronics, Kitchen and Tools Amazon.com (press.aboutamazon.com) · 8 January 2001 Own record

   “Cumulative Customer Accounts Increased a Record 4 Million During the Quarter to over 29 million”

8. E8 Press Release dated January 22, 2002 - SEC.gov SEC.gov (Amazon.com, Inc. Exhibit 99.1) · 22 January 2002 Own record

   “Our customer account and active customer calculation methodology was modified in the third quarter 2001, primarily to include all customers who order new and used products through Amazon Marketplace.”

9. E9 Amazon.com Releases Preliminary Fourth Quarter Highlights -- Sales Up More Than 40% Over 1999, Fueled by Growth in Electronics, Kitchen and Tools Amazon.com (press.aboutamazon.com) · 8 January 2001 Own record

   “Customer accounts exclude Amazon Commerce Network partners™ businesses and Amazon.com's catalog businesses but include Toysrus.com customers and users of Amazon Marketplace services.”

Amazon's official releases show cumulative customer accounts rising across the periods for which figures are given: more than 16.9 million at the end of Q4 1999 (E2), over 25 million at September 30, 2000 (E1), over 29 million after Q4 2000 (E7) and over 32 million in the April 2001 release (E6); no figures are given for the first two quarters of 2000. The 2000 shareholder letter also shows customers served rising year over year (E3). However, no evidence gives the share-price endpoints of about $113 and $6. The only price evidence says shares were down more than 80% (E4), which does not confirm the price range the criteria require, so the claim cannot be settled.