Amazon: river runs dry with $3.8bn loss in Q1
(CercleFinance.com) - Amazon has announced that its total sales reached $116.
4bn in Q1, up 9% at constant exchange rates compared to the same period a year earlier.
At the same time, however, Amazon's EBIT fell to 3.7 billion dollars from 8.9 billion dollars a year ago.
Amazon finally recorded a loss of 3.8 billion dollars in Q1, a far cry from the 8.1 billion dollar net profit posted a year ago.
The net loss in Q1 2022 was partly due to a 7.6 billion dollar loss relating to the common stock investment in Rivian Automotive, the company said.
The tech giant said that the pandemic and subsequent war in Ukraine have caused unusual growth and challenges, in recent months.
However, the company can still count on the dynamic nature of its AWS service: with 34% annual growth in AWS over the past two years and 37% y-o-y growth in Q1, AWS has played a key role in helping businesses overcome the pandemic and move more of their workloads to the cloud, management said.
After closing up about 4.5% yesterday, Amazon shares are down 8.5% in pre-market trading today.
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