Amazon reported its least profitable holiday quarter since 2014, leading to the biggest annual loss on record for the company. $AMZN reported a holiday profit of $278 million, or 3 cents a share, up from $1.39 a share a year ago:
Amazon.com Inc. reported its least profitable holiday quarter since 2014 on Thursday, leading to the biggest annual loss on record for the e-commerce giant, which also disappointed Wall Street with its forecast amid concerns about cloud growth.
Shares fell more than 4% in after-hours trading immediately following the release of the results, after closing with a 7.4% increase at $112.91. Amazon was expected to post a loss for the whole year for the first time since 2014, and holiday results actually led it to the company’s worst annual loss on record. For the year, Amazon produced a net loss of $2.7 billion and revenue of $513.98 billion, up from $469.82 billion a year ago and the company’s first annual sales total to surpass a half-billion dollars. Amazon’s had never lost more than $1.4 billion in a single year since going public in 1997, according to FactSet records.
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Amazon expected to post first unprofitable year since 2014 and worst loss since the dot-com bustAmazon 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.
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