e-commerce giant Amazon missing between January and September this year 3 billion dollarsIt fell into the red after posting a net profit of 19,041 million in the same period of 2021.
Amazon’s losses in the first nine months of the year were mainly stock market crash of electric vehicle manufacturing company RivianThe e-commerce company has a significant share since 2019.
Despite the red numbers, the company led by Andy Jassy has had turnover in the last nine months higher than the same period of the previous yearIt went from $332,410 million to $364,779 million.
Commitment to electric vehicles hurts
Amazon’s big bet on electric vehicles from American manufacturer Rivian in 2019 has been hurting the Seattle firm since its launch in late 2021. saw its stock market value drop to a quarter.
On your own behalf Amazon shareholders have dropped 29 cents per title so far this yearcompared to the $1.88 gain announced in September last year.
Rivian, which competes directly with Elon Musk’s Tesla, entered the stock market on November 10, with a 37% increase from its fixed price, which is considered the largest IPO in the United States of 2021.
That day, Rivian started trading on the RIVN-labeled Nasdaq Composite Index with high expectations at $106.75, up 37% from the $78 set the previous night.
Many analysts More than 50% decrease in the first three months of the year and the fact that this has had such an impact on Amazon’s accounts is precisely the result, in large part, of the enormous overvaluation the company experienced in its IPO.
sales are increasing
The positive note of Amazon’s financial results presented this Thursday was voiced by cloud service platform Amazon Web Services (AWS), as it has been for years. Sales increased 32 percent compared to last year Up to $58,718 million.
AWS is the company’s biggest bet for its future and most profitable business, as well as undisputed market dominance far above its biggest competitors, Microsoft Azure and Google Cloud.
Amazon accounts were worse than analysts expected, falling 20% on Wall Street to $88.90 per share in after-hours e-commerce in New York markets.