Amazon suffers rare loss as COVID online shopping slows

Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup.

The Seattle-based e-commerce giant’s stock fell 9% in after-hours trading.

Amazon reported a loss of $ 3.84 billion, or $ 7.56 a share, for the first three months of the year. A year ago, it reported a profit of $ 8.1 billion, or $ 15.79 a share, for the first quarter. Wall Street analysts expected a profit of $ 8.35 a share in the latest quarter, according to FactSet.

The ocean of red ink in Amazon’s report came mostly from the company’s accounting for a $ 7.6 billion loss in the value of its stock investment in Rivian Automotive. Rivian went public in late 2021 and its stock traded at close $ 180 at one point. It closed Thursday at $ 32.18. Ford Motor Co. reported a similar write-down of the value of its Rivian investment Wednesday.