In a sign that the shine of Amazon.com CEO Jeff Bezos may be fading, shares of his company plunged more than 8 percent Friday after it reported bad third-quarter results and weak expected fourth-quarter growth, despite the holiday season.

Overall, Amazon’s stock is down 28 percent in 2014, which places it near the bottom of performers among top technology companies. The loss signals that Amazon’s big investments aren’t reaping rewards, according to a CNN Money report.

For example, the company’s Fire Phone offering, which featured three-dimensional capabilities, was a major dud. However, the fact that Amazon’s fourth quarter sales are expected to be lackluster may be a bigger driver of falling stock prices, since — like all retailers — Amazon relies heavily on holiday shopping. With a bad fourth quarter, there are not many reasons why investors would believe that the stock’s downward trend is likely to reverse course anytime soon.

Even with the heavy drop in stock prices, it still trades at 150 times the estimates for earnings next year, meaning it could still have farther to fall.

While Bezos has a lot of clout as a visionary and thus gets more benefit of a doubt when bad quarterly results hit, some analysts are questioning that long-term vision. For example, Amazon has ventured in the television show market by producing “Transparent,” but that places it in direct competition with established brands like Netflix and mega media companies.

Amazon’s expectations are for a revenue growth of just 7 to 18 percent over the holiday quarter, and analysts are becoming worries that the company has been two distracted by numerous efforts outside of their core business of online retailing.

The company’s stock stands at $287.06 after the decline, which is a low for the year. The decline eliminated $12 billion in value from the company.