Amazon's (NASDAQ: AMZN) stock recently sank to a two-year low after it posted a mixed first-quarter earnings report on April 29.
The e-commerce and cloud giant's revenue rose 7% year over year to $116.4 billion, which matched analysts' expectations. But it posted a net loss of $3.8 billion, compared to a net profit of $8.1 billion a year earlier, as it incurred a $7.6 billion pre-tax loss from its investment in the electric vehicle maker Rivian Automotive. Its net loss of $7.56 per share broadly missed analysts' estimates by $15.78 per share.
It expects its revenue to grow just 3% to 7% year over year in the second quarter and for its operating profit to tumble 87% at the midpoint as it grapples with inflationary, supply chain, and other macroeconomic challenges.
Source Fool.com