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Business at the world’s largest online retailer, Amazon, is surprisingly bad. Operating profit plunged in the first quarter compared to the same period last year by 58 percent to 3.7 billion dollars (3.5 billion euros), as announced by the group on Thursday after the close of the US stock exchange in Seattle. . Sales increased 7% to $ 116.4 billion – Amazon experienced the weakest growth in about two decades. The pandemic and the war in Ukraine have led to “unusual challenges,” said Amazon CEO Andy Jassy.
The bottom line is that the group even suffered a net loss of $ 3.8 billion, mainly due to the correction of the 7.6 billion book value of a stake in electric car maker Rivian Automotive.
Investors are unconvinced after quarterly report unveiling, Amazon shares fell 7.53% to $ 2,680.50 in after-hour trading on NASDAQ. The outlook for the current quarter has also been disappointing. Amazon announced revenues of between $ 116 billion and $ 121 billion, which would correspond to an increase of between three and seven percent year-on-year.
Editorial financeen.net / SEATTLE (dpa-AFX)
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