Amazon Shares Plunge 8% on Surprise Q1 Loss and Disappointing Q2 Revenue Guidance
Investing.com
Published Apr 28, 2022 12:29PM ET
Updated Apr 28, 2022 04:30PM ET
Amazon Shares Plunge 8% on Surprise Q1 Loss and Disappointing Q2 Revenue Guidance
Amazon (NASDAQ:AMZN) shares fell around 8% after-hours following the company’s reported Q1 results, with EPS coming in at ($7.56), missing the consensus estimate of $8.36. The loss includes a pre-tax valuation loss of $7.6 billion included in non-operating expenses from the company's common stock investment in Rivian Automotive, Inc.
Revenue grew 7% year-over-year to $116.4 billion, slightly above the consensus estimate of $116.3 billion.
According to Andy Jassy, Amazon CEO, AWS grew 34% annually over the last two years, and 37% year-over-year in Q1. The company’s Consumer business increased 23% annually over the past two years.
The company provided its Q2/22 outlook, expecting revenue in the range of $116-121 billion (up 3% and 7% year-over-year), lower than the consensus estimate of $125.55 billion.
Shares of Amazon were down 13% year-to-date before the after-hours swoon.
By Davit Kirakosyan
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Written By: Investing.com
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