April looks like it was just the start of our sense of “everything we think might be wrong” being set into hyperdrive.
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Blain’s Morning Porridge April 29 2022 – The Penny Drops: April Exposes Markets to Some Brutal Truths. Reality Bites.
Amazon reported a significant loss in the first three months of the year, sending the company's stock plunging.
The tech giant on Thursday said it had a net loss of $3.8 billion in the quarter ended March 31, a sharp drop in income from the same period last year, when it made an $8.1 billion profit. It was also a big miss from the $4.4 billion profit that analysts surveyed by Refinitiv had forecast.
The company attributed the loss largely to a $7.6 billion loss from its investment in electric automaker Rivian Automotive. Rivian, into which Amazon led a $700 million investment in 2019, has seen its stock plummet more than 75% since its blockbuster November 2021 IPO.
Amazon shares sank around 10% in after-hours trading following the results. ...
https://lite.cnn.com/en/article/h_e050bf436e5739969d921d0fab8036a1