Amazon.com Inc. reported a nearly $4 billion loss in the first quarter of 2022 as its investment in Rivian Automotive Inc. wiped out all of its profits and more, and on Thursday provided a disappointing forecast that sent shares in late trade sent down.

Amazon AMZN,
+4.65%
reported a loss of $3.8 billion, or $7.56 per share, in the first quarter after the e-commerce giant reported earnings of $15.79 per share a year ago. It’s the first quarterly net loss for Amazon in exactly seven years since the same period in 2015. Revenue rose to $116.44 billion from $108.52 billion in the same period a year ago. According to FactSet, analysts on average were expecting earnings of $8.35 per share on sales of $116.45 billion.

Amazon’s earnings were hurt by the same dynamics that helped the company in late 2021: the performance of Rivian stock RIVN,
+3.07%.
Rivian IPO raised $11.8 billion



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