Amazon posts second consecutive quarterly loss

by time news

According to the results of the second quarter, Amazon suffered a loss of $ 2 billion. As follows from the reporting, it was formed due to the write-off of losses in the amount of $ 3.9 billion related to investments in electric vehicle manufacturer Rivian Automotive. A year earlier, Amazon had a profit of $7.8 billion in the second quarter. In the first quarter of this year, Amazon suffered a loss of $3.84 billion.

Rivian Automotive has lost a total of $11.5 billion since the beginning of the year due to a failed investment in Rivian Automotive. Rivian Automotive held the largest IPO in the US since 2012 last November and raised almost $12 billion from various investors, including Amazon . However, after the IPO, Rivian Automotive shares fell steadily, and in the second quarter they lost 45% of the value, which affected Amazon’s performance.

Meanwhile, contrary to the general trend among large technology companies, whose revenue in the second quarter was weaker than expected, Amazon’s figure increased by 7.2% to $121.2 billion. For the current quarter, the company expects revenue growth of 13-17% . Amazon’s ad revenue also rose 18% in the second quarter.


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Alena Miklashevskaya

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