Amazon suffers rare loss as COVID online shopping slows

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Amazon claimed its to start with quarterly reduction since 2015 on Thursday, its revenue-creating juggernaut stalled by a slowdown in pandemic-induced on the web searching and a substantial write-down of its financial commitment in an electrical-automobile startup.

The Seattle-primarily based e-commerce giant’s stock fell 9% in immediately after-hrs buying and selling.

Amazon noted a loss of $3.84 billion, or $7.56 a share, for the 1st three months of the calendar year. A year ago, it claimed a revenue of $8.1 billion, or $15.79 a share, for the very first quarter. Wall Street analysts predicted a financial gain of $8.35 a share in the most current quarter, in accordance to FactSet.

The ocean of pink ink in Amazon’s report arrived mostly from the company’s accounting for a $7.6 billion decline in benefit of its stock investment decision in Rivian Automotive. Rivian went public in late 2021 and its inventory traded at near $180 at one particular issue. It shut Thursday at $32.18. Ford Motor Co. reported a identical write-down of the worth of its Rivian investment Wednesday.

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