“Amazon shares fall on bleak forecast and slowest growth since dot-com bust”

“Amazon shares dropped as much as 10% in extended trading on Thursday after the company issued a revenue forecast that trailed analysts’ estimates.

Here’s how the company did:

• Earnings: $7.38 per share, adjusted, vs. $8.36 expected, according to Refinitiv
• Revenue: $116.44 billion vs. $116.3 billion expected, according to Refinitiv

Here’s how other key Amazon segments did during the quarter:

• Amazon Web Services: $ 18.44 billion vs. $18.27 billion expected, according to StreetAccount
• Advertising: $7.88 billion vs. $8.17 billion expected, according to StreetAccount

Amazon recorded a $7.6 billion loss on its Rivian investment after shares in the electric vehicle company lost more than half their value in the quarter. That resulted in a total net loss of $3.8 billion.

Revenue at Amazon increased 7% during the first quarter, compared with 44% expansion in the year-ago period. It marks the slowest rate for any quarter since the dot-com bust in 2001 and the second straight period of single-digit growth…”

https://www.cnbc.com/2022/04/28/amazon-amzn-q1-2022-earnings.html