Amazon shed nearly $140 billion in market value after it forecast sluggish sales growth. While cloud services remain a bright spot, shipping, wage costs and macroeconomic factors are stumbling blocks, says jennifersaba
- Amazon.com on April 28 reported first-quarter revenue of $116 billion, an increase of 7% year-over-year and roughly in line with what analysts on average were expecting, according to Refinitiv.
- The company posted a net loss of $3.8 billion, or $7.56 per share, compared with earnings of $8.1 billion, or $15.79 per share, in the same period a year ago. The net loss includes a pretax mark-to-market loss of $7.6 billion on its investment in electric-vehicle maker Rivian Automotive.Register now for FREE unlimited access to Reuters.comOpinions expressed are those of the author.
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