Todd Spangler NY Digital EditorAmazon dramatically missed Wall Street’s earnings forecast for the first quarter of 2022, as the world’s biggest online retailer saw a significant deceleration in top-line growth and faced higher costs in the period.Overall, the company posted revenue $116.4 billion, up 7%, in line with expectations — but Amazon’s slowest year-over-year growth rate in two decades.
Amazon reported a net loss of $3.8 billion in the first quarter, or -$7.56 per diluted share. The Q1 net loss included a pre-tax valuation loss of $7.6 billion included in non-operating expense from its stock investment in Rivian.The ecommerce kingpin’s advertising service sales hit $7.88 billion, up 25%, but analysts expected a higher take.
The company first broke out ad revenue with Q4 results. The segment includes sales of advertising services to sellers, vendors, publishers, authors and others through sponsored ads, display and video advertising. Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news, and more.Analyst consensus estimates were for revenue of $116.3 billion and earnings per share of $8.36, according to Refinitiv.
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