Amazon’s (NASDAQ: AMZN) stock plunged after the business reported slowing growth and rising costs in the most recent quarter, and guided down for the rest of 2022. Revenue increased 7% to $116.4 billion from the same time last year, slightly topping analyst expectations but falling short of the 9% growth seen in the final months of 2021. The company expects sales growth to decrease even more in the coming quarter, slowing to between 3% and 7%. Amazon reported a net loss of $3.8 billion, a massive swing from its $8.1 billion profit in the same period last year. It was also substantially off from the $4.4 billion profit expected by analysts polled by Refinitiv. The business laid much of the blame for the loss on a $7.6 billion loss from its investment in Rivian, an electric vehicle manufacturer. Rivian’s shares have dropped more than 75% since its initial public offering (IPO) in November 2021, in which Amazon led with a $700 million investment. Without the Rivian loss, Amazon would have produced a profit of $3.8 billion, still falling short of analyst estimates.
Amazon stock plunges as company reports nearly $4 billion loss – CNN
