Amazon Tops Q4 Revenue Forecast But Profits Skid

Amazon has reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth, Haleluya Hadero reported for the Associated Press (AP).

Photo Insert: The e-commerce giant said its bottom line was dented by a $2.3 billion write-down of the value of its stock investment in electric vehicle startup Rivian Automotive.

Amazon said it earned $300 million, or 3 cents per share, in the October-December quarter. Industry analysts were expecting the Seattle-based company to earn 17 cents a share, according to FactSet.

The e-commerce giant said its bottom line was dented by a $2.3 billion write-down of the value of its stock investment in electric vehicle startup Rivian Automotive.

Its fourth quarter profits represent a significant drop from the $14.3 billion it posted during the same period in 2021 when the company had a nearly $12 billion gain from its investment in Rivian Automotive. Shares in Amazon.com Inc. fell 4% in after-hours trading.

At the same time, Amazon said its overall revenue rose 9% to $149.2 billion, higher than the $145.7 billion analysts were expecting. It said it expects revenue of between $121 billion and $126 billion during the current quarter. Analysts had been expecting $125 billion.

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