Amazon stock tumbled as much as 12.5% Friday morning.
Amazon stock tumbled as much as 12.5% Friday morning to $2,535, putting shares on track for their worst day since January 2014 and wiping out about $184 billion in market value.an unexpected loss of $3.8 billion in the first quarter, or $7.38 per share, significantly worse than the $8.36 per share profit analysts were expecting and much lower than the profit of $8.1 billion a year earlier.
In a Friday morning note, Morningstar analyst Dan Romanoff lowered his price target for Amazon shares to $3,850 from $4,100, pointing out the firm's operating margin was concerning, as inflation, excess labor and excess capacity ate away at income, and warning profitability challenges will"linger for a couple of quarters and perhaps into next year."
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