Another strong performance in cloud computing couldn’t stop Inc. from posting a surprise loss and a disappointing forecast for the next quarter saw its shares fall harshly in extended trading today.

The retail and cloud giant reported its first quarter Net loss of $3.8 billion, or $7.56 per share, reversing a profit of $8.1 billion in the year-ago quarter — although that loss offset a nonoperating pretax loss of $7.6 billion US dollars from the reduced valuation of its stake in Rivian Automotive Inc. Revenue rose 7% to $116.4 billion, the slowest growth rate in at least three years, although it would have been 9% excluding unfavorable exchange rates.

Analysts had anticipated the earnings decline and revenue slowdown, forecasting earnings of $8.18 per share on sales of $116.5 billion, but the overall loss surprised many because they didn’t factor in the impact of Rivian’s stock decline . And even adjusted earnings per share of $7.38 fell below the $8.36 wall…

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