Source:CNBC
Amazon reports its first unprofitable year since 2014
Amazon lost $2.7 billion last year, the company said on Thursday. This was despite holiday-season sales growing 9%. Amazon’s shares fell in after hours trading.
By far, the biggest culprit for Amazon’s losses over the year was the company’s hefty investment in the electric automaker Rivian whose value plummeted last year and ate into Amazon’s bottom line.
High Probability Recession Hits U.S. Economy in Late 2023
h/t uslvdslv
Got a news tip or correction? Let us know
If you got something out of this, please chip in to keep this site running, or subscribe to go ad-free.
11 views