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Amazon shares plunge as it frets over rising costs and lower demand as COVID eases

April 28, 2022

Via: Sky News

The company’s first quarter results included its first quarterly loss since 2015 though the $3.8bn sum was blamed on a $7.6bn writedown in the value of its investment in electric vehicle start-up Rivian.

However, the red ink was overshadowed by its forecasts which showed that the wave Amazon had ridden well during the COVID crisis to date had well and truly dissipated.

It expected to lose as much as $1bn in operating income between April and June – or make as much as $3bn.

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