Still, we are not ready to throw in the towel on Amazon and we see shares as attractive, but clearly the company has still not found stable footing on its path out of the pandemic. We are lowering our growth and profitability assumptions, and in turn our fair value estimate drops to $150 per share, from $192 previously.
We can look through these issues but we believe they are likely to persist throughout 2023, which decreases our confidence over the medium term as well. We continue to believe long-term growth driven by e-commerce proliferation, AWS, and advertising, but the near term is clouded by a variety of macroeconomic issues, including currency headwinds, high inflation, soaring energy costs, and deceleration in AWS. This quarter stings, as this was supposed to be the quarter where Amazon had finally lapped pandemic-fueled issues.
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