Amazon stock plunges as company reports nearly $4 billion loss

Amazon stock plunges as company reports nearly $4 billion loss

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.