Amazon shares fall on bleak forecast and slowest growth since dot-com bust

▤ Summary

Amazon recorded a $7.6 billion loss on its Rivian investment after shares in the electric vehicle company lost more than half their value in the quarter. He added that the company is "squarely focused" on offsetting costs in its fulfillment network now that staffing and warehousing capacity are at normal levels. Amazon has been navigating a host of economic challenges, including rising inflation, higher fuel and labor costs, global supply chain snarls, and the ongoing pandemic. The companys operating margin, or the money thats left after accounting for costs to run the business, dipped to 3.2% in the first quarter from 8.2% a year earlier. "This may take some time, particularly as we work through ongoing inflationary and supply chain pressures, but we see encouraging progress on a number of customer experience dimensions, including delivery speed performance as were now approaching levels not seen since the months immediately preceding the pandemic in early 2020," Jassy said.

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