Amazon Takes Hit In First Quarter

Amazon has reported a first-quarter loss of $3.8 billion due to lower online sales and a fall in the value of its shares in electric vehicle firm Rivian.

This is the company’s first quarterly loss since 2015.

The multinational technology company sees its sales slip three percent in the first three months of the year, as the boom in its business from the pandemic starts to fade.

Growth in other parts of Amazon’s business, including cloud computing and advertising, remained strong.

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Peter Peterkin, Readers Bureau, Contributor

Edited by Jesus Chan

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