Investors take fright as it appears that Amazon's actions to date to tackle rising costs will not offset the higher bills, placing pressure on income in the current quarter.
Amazon sees operating income coming under intense pressure from rising costs and growing inflationary pressure on consumersAmazon shares have taken a 10% hit after the e-commerce platform-to-streaming giant admitted it was struggling under a weight of costs that would knock its performance.
The company's first quarter results included its first quarterly loss since 2015 though the $3.8bn sum was blamed on a $7.6bn writedown in the value of its investment in electric vehicle start-up Rivian.had ridden well during the COVID crisis to date had well and truly dissipated. It expected to lose as much as $1bn in operating income between April and June - or make as much as $3bn.
Either sum is well down from an operating profit of $7.7bn in the same period last year when the business was benefiting from pandemic-wary consumers shopping from the comfort of their homes and enjoying the additional benefits of their Prime memberships.Amazon pointed to a slowdown in online shopping demand at a time of increased costs - mostly energy-related.
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