Amazon Stock Dives After , Reporting Nearly $4 Billion Loss.
CNN reports that on April 28, Amazon reported a net loss of $3.8 billion in the second quarter of 2022.
During the same period last year, the company reported an $8.1 billion profit.
Analysts surveyed by Refinitiv had predicted a $4.4 billion profit this year, which was apparently way off.
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CNN reports that Amazon attributes most of the decrease in revenue to a $7.6 billion loss it sustained from investing in Rivian.
CNN reports that Amazon attributes most of the decrease in revenue to a $7.6 billion loss it sustained from investing in Rivian.
CNN reports Amazon shares plunged about 10% in after-hours trading following news of the loss.
They started to slightly recover shortly afterward.
Andy Jassy, Amazon's CEO, issued a statement.
The pandemic and subsequent war in Ukraine have brought unusual growth and challenges, Andy Jassy, Amazon CEO, via statement, as reported by CNN.
Andrew Lipsman, Insider Intelligence principal analyst, said "Amazon will need to find a way to recharge growth in its commerce business in the coming quarters.".
Don't be surprised if Amazon hosts a second Prime Day this year in October to generate incremental revenues, Andrew Lipsman, Insider Intelligence principal analyst, via statement, as reported by 'Barron's'
