2022 Amazon Stock Latest Reports: Amazon stock plunges as company reports nearly $4 billion loss

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Amazon reported a significant loss in the first three months of the year, sending the company's stock plunging

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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

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It was also a big miss from the $4.4 billion profit that analysts surveyed by Refinitiv had forecast

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The company attributed the loss largely to a $7.6 billion loss from its investment in electric automaker Rivian Automotive

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Rivian, into which Amazon led a $700 million investment in 2019, has seen its stock plummet more than 75% since its blockbuster November 2021 IPO

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Amazon (AMZN) shares sank around 10% in after-hours trading following the results

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Amazon's overall revenue grew 7% from the same period last year to $116.4 billion, slightly beating analyst forecasts but slower than the 9% growth in the final months of last year

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The company forecast that revenue growth would slow further next quarter, anticipating a growth rate of between 3% and 7%.

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