After disappointing third quarter results and dim expectations for fourth-quarter profits despite the holiday season, shares of Amazon.com dipped more than 8 percent Friday as analysts wonder whether CEO Jeff Bezos will be able to regain the shine he once had.

With the most recent plunge, Amazon is now down 28 percent for the year, placing it near the bottom of top technology corporations. It indicates that Amazon’s big investments in numerous projects are not paying off, according to an Economic Times report.

Amazon’s attempted foray into the smartphone market backfired with the Fire Phone, which boasted three-dimensional capabilities but ended up being a dud.

Still, the biggest concern for Amazon is its projected lackluster fourth quarter sales, as the company is still a retailer that relies heavily on holiday shopping. Slow holiday sales suggest to investors that Amazon’s fall may not be over yet.

Amazon is still a valuable company, with its stock price at 150 times the earnings estimates for 2015, so there may be reason for investors to believe the stock could go down even more.

Bezos has built a reputation as a visionary and will get greater benefit of a doubt for poor quarterly performances, but some analysts are beginning to question whether his long-term vision is sound.

In addition to the Fire Phone, Amazon’s decision to attempt an offering in the television show market with the show “Transparent” makes investors uneasy at the prospect of the company trying to clash with established brands such as Netflix and media giants.

Amazon’s revenue growth is anticipated to be just 7 to 18 percent for the holiday season. The company’s stock stood at $287.06 after Friday’s loss, a low for the year. The loss eliminated $12 billion in value for the company.