The ocean of red ink in Amazon’s report came mostly from the company’s accounting for a $7.6 billion loss in value of its stock investment in Rivian Automotive.
Rivian went public in late 2021 and its stock traded at close $180 at one point. It closed Thursday at $32.18. Ford Motor Co. Amazon’s e-commerce business also reported an operating loss of $1.57 billion in North America and $1.28 billion internationally.
Like many others, Amazon is dealing with pressure from inflation and supply-chain issues. In the past two years, Amazon’s Chief Financial Officer Brian Olsavsky said the company has doubled the size of its operations and nearly doubled its workforce. He said labor shortages and a lack of physical space are no longer major issues, but the company continues to face a variety of pressures such as increased shipping costs.
Revenue rose 7% to $116.44 billion, compared with $108.52 billion in first quarter 2021, representing the company’s sixth consecutive quarter of revenue topping $100 billion. Amazon had projected sales between $112 billion and $117 billion. Analysts surveyed by FactSet were expecting $116.5 billion.
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