Amazon reports big quarterly loss, sees ‘challenges’

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Amazon on Thursday reported a rare loss in the recently ended quarter, hit by a stake in electric truck maker Rivian, and the company warned of continuing challenges.

Amazon said it lost $3.8 billion in the first three months of the year, dragged into the red by a $7.6 billion loss in value of its stock in Rivian.

Sales at the online retail colossus were in line with analyst expectations, but Amazon warned of testing times in the months ahead.

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“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” said Amazon chief executive Andy Jassy.

Amazon also faces pressure from inflation and rising labor costs. Shares fell more than 8 percent in after-hours trades that followed release of the earnings figures.

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