Amazon Stock Tanks 11% On Quarterly Results, Outlook

Shares of Amazon.com, Inc. (AMZN) slumped over 11% on Friday morning hurt largely by the e-commerce giant's quarterly results and outlook.

AMZN is currently trading at $2,561.11, down $330.82 or 11.44%, on the Nasdaq. The stock opened its trading at $2,843.56 after closing Thursday's trading at $2,891.93.

Net sales for the quarter increased 7% to $116.4 billion from $108.5 billion last year.

The company reported net loss of $3.8 billion or $7.56 per share in the first quarter, compared to net income of $8.1 billion, or $15.79 per share last year.

First-quarter loss includes a pre-tax valuation loss of $7.6 billion included in non-operating expense from the company's investment in Rivian Automotive, Inc.

Looking forward, the company expects second-quarter sales to be between $116.0 billion and $121.0 billion, or to grow between 3% and 7% compared with second quarter 2021. Analysts polled by Thomson Reuters currently estimate revenue of $125.48 billion for the quarter.

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