On Friday, shares of Amazon (NASDAQ: AMZN) declined 8.4%, following the e-commerce and cloud computing leader's release of its fourth-quarter 2022 report Thursday afternoon. Investors were not pleased that the quarter's earnings, as well as guidance for the first quarter of 2023, missed Wall Street's expectations.

In the fourth quarter, Amazon's revenue grew 9% year over year to $149.2 billion, topping the $145.4 billion analyst consensus estimate. Net income was $300 million, or $0.03 per share, down from $14.3 billion, or $1.39 per share, in the year-ago quarter. Wall Street was looking for earnings per share (EPS) of $0.17. 

It's important to note, however, that the quarter's results included a pretax valuation loss of $2.3 billion in nonoperating income from the company's stock investment in electric vehicle (EV) maker Rivian Automotive. And the year-ago quarter's results included a pretax valuation gain of $11.8 billion from the Rivian stock. 

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Source Fool.com