Amazon shed nearly $140 bln in market value after it forecast sluggish sales growth. While cloud services remain a bright spot, shipping, wage costs and macroeconomic factors are stumbling blocks, says jennifersaba
Yet the lucrative cloud segment, Amazon Web Services, notched a 37% year-on-year increase in sales to more than $18 billion. The business sports a chunky 35% operating margin, too. And while overall revenue growth looked slow compared to the home-delivery go-go days of early 2021, Amazon’s total revenue for the quarter was 54% up on the same period two years ago, at the end of which the pandemic took hold.
So it's not all gloom and doom. But after spending to meet rapidly rising demand, Jassy now has his work cut out to keep costs in line with softer growth.- Amazon.com on April 28 reported first-quarter revenue of $116 billion, an increase of 7% year-over-year and roughly in line with what analysts on average were expecting, according to Refinitiv.
- The company posted a net loss of $3.8 billion, or $7.56 per share, compared with earnings of $8.1 billion, or $15.79 per share, in the same period a year ago. The net loss includes a pretax mark-to-market loss of $7.6 billion on its investment in electric-vehicle maker Rivian Automotive.Register now for FREE unlimited access to Reuters.comOpinions expressed are those of the author.
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