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Amazon stock plunges as company reports nearly $4 billion loss

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Published 1:35 PM


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By Rishi Iyengar, CNN Business

Amazon reported a significant loss in the first three months of the year, sending the company’s stock plunging.

The tech giant on Thursday said it had a net loss of $3.8 billion in the quarter ended March 31, a sharp drop in income from the same period last year, when it made an $8.1 billion profit. It was also a big miss from the $4.4 billion profit that analysts surveyed by Refinitiv had forecast.

The company attributed the loss largely to a $7.6 billion loss from its investment in electric automaker Rivian.

Amazon shares sank around 10% in after-hours trading following the results, before recovering slightly.

“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” Amazon CEO Andy Jassy said in a statement.

This is a developing story and will be updated.

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