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 Automotive.
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Wow! Unbelievable. I’ve seen it all.
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