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Amazon reports rare quarterly loss as online shopping slows

AP Business Writer

NEW YORK (AP) — Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup. The Seattle-based e-commerce giant’s stock fell 9% in after-hours trading. Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first three months of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter. Wall Street analysts expected $8.35 a share in the latest quarter. The ocean of red ink in Amazon’s report came mostly from the accounting for a $7.6 billion loss in value of its stock investment in Rivian Automotive.

Article Topic Follows: AP National Business

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