Amazon reported roughly $3 billion in total losses through the first nine months of 2022, and Wall Street analysts on average are projecting about $2 billion in net income in the holiday season, according to FactSet.
Amazon.com Inc. is expected to reveal this week its first unprofitable year since 2014 and the worst year for its bottom line since 2000 — and expectations for this year aren’t headed in a positive direction.
Amazon’s losses are driven by Rivian Automotive Inc. RIVN, +7.54%, which Amazon invested in and contracted with for delivery vehicles; the electric-vehicle maker’s stock plunged in 2022 after a successful initial public offering at the end of 2021.
All of this explains the recent corporate cuts at Amazon, which more than doubled its workforce to become the second-largest private U.S. employer during the pandemic. No amount of cutting is expected to return Amazon to the heights it enjoyed in 2020 and 2021 — when the e-commerce and cloud-computing giant produced more than $54 billion in profit collectively, more than in its entire existence to that point — but now those cuts may be the only way to come close to expectations this year.
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