Amazon stock drops after nearly $4 billion loss

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, another early Rivian investor, reported a $3.1 billion net loss for the first quarter due to a $5.4 billion pre-tax charge.

Following the results, Amazon shares fell around 10% after-hours.

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