(Amazon) Amazon reported a net loss of $3.8 billion in the first quarter of 2022, down from a net income of $8.1 billion in the comparable quarter of last year.
Rising costs and a fall in online sales pushed Amazon to a quarterly loss, the first since 2015. Online sales were down 3% in the quarter, while the e-commerce giant was also hit by a loss from its stake in Rivian.
Amazon’s operating income was $3.7 billion in the quarter, down from the income of $8.9 billion in the previous year.
Overall, Amazon netted sales of $116.4 billion in the first quarter of the year, an increase of 7% from the previous year.
Going forward, the e-commerce giant expects revenue of between $116.0 billion and $121.0 billion in the second quarter, an increase of between 3% to 7% from the prior year. The operating income is expected at between minus $1.0 billion and plus $3.0 billion, down from $7.7 billion in the prior year.
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