29/04/2022
Amazon Stock Plummets As Company Reports Nearly $4 Billion Loss
Amazon stock plunged 10% Thursday after the online retailer announced its second quarterly loss in three years. The company reported that it lost $437 million, or 40 cents per share, for the quarter ending June 30, compared with $41 million, or four cents per share, a year earlier. Revenue surged 20% to $16 billion from $13 billion last year, but profits fell short of analystsโ expectations as the company spent heavily on infrastructure and original programming and yielded little pricing power amid continued heavy competition from Walmart and Target.