Amazon reported a significant loss in the first quarter, sending its stock plummeting.
The tech giant reported a $3.8 billion net loss for the quarter ended March31, compared to a $8.1 billion profit last year.
It also fell short of the $4.4 billion profit forecast by Refinitiv analysts.
The company blamed the loss on a $7.6 billion loss on its investment in Rivian Automotive.
Rivian, whose stock Amazon invested $700 million in2019, has lost over 75% since its November 2021 IPO.
The Amazon loss came a day after Ford (F), another early Rivian investor, reported a $3.1 billion net loss for the first quarter due to a $5.4 billion pre-tax charge.
According to Amazon CEO Andy Jassy, "the pandemic and war in Ukraine have brought unusual growth and challenges."