Amazon.com Inc. decided to cut back after years of pouring money into growth, and the result was a second consecutive quarterly loss, but a beat on sales and continued strong growth from Amazon Web Services helped push the stock higher in late trading Thursday. Read More...
Associated Press
Amazon post 2Q loss but revenue tops estimates, stock jumps
Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher. Amazon lost $2.03 billion, or 20 cents per share, in the three-month period ended June 30, driven by a $3.9 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive. It posted a loss of $3.84 billion in this year’s first quarter, its first quarterly loss since 2015, which was also marked by a large Rivian write-down.
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