Amazon on Thursday reported worse-than-expected profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth.
Amazon said it made $300 million in profits, or 3 cents per share, falling below the $2.03 billion analysts surveyed by FactSet had been expecting.
The company said its profits were dented by a $2.3 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive, according to AP.
The company’s fourth quarter profits represent a significant drop from the $14.3 billion it posted during the same period in 2021, when the company had a nearly $12 billion gain from its investment in Rivian Automotive.
Shares in Amazon.com Inc. fell 4% in after-hours trading.
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