4/28, 10:02 PM (Source: TeleTrader)
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Amazon sees net loss in Q1, shares plunge

Amazon Inc. reported its first-quarter results on Thursday, revealing that its total net sales expanded by 7.3% to $116.44 billion, slightly beating market expectations. On the other hand, the company's operating income shrank to $3.67 billion, with a net loss reaching $3.84 billion or a diluted loss per share of $7.56.

"Today, as we're no longer chasing physical or staffing capacity, our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network. We know how to do this and have done it before. This may take some time, particularly as we work through ongoing inflationary and supply chain pressures, but we see encouraging progress," CEO Andy Jassy noted.

Amazon's stock tumbled nearly 7.5% in the after-hours trading following the announcement. Commenting on the outlook, Amazon noted it expects slight annual revenue growth in the second trimester of 2022, with operating income further declining.

Baha Breaking News (BBN) / ND