Amazon Shares Plunge 8% on Surprise Q1 Loss and Disappointing Q2 Revenue Guidance

Amazon (NASDAQ: AMZN) shares fell around 8% after-hours following the company’s reported Q1 results, with EPS coming in at ($7.56), missing the consensus estimate of $8.36. The loss includes a pre-tax valuation loss of $7.6 billion included in non-operating expenses from the company's common stock investment in Rivian Automotive, Inc.

Revenue grew 7% year-over-year to $116.4 billion, slightly above the consensus estimate of $116.3 billion.

According to Andy Jassy, Amazon CEO, AWS grew 34% annually over the last two years, and 37% year-over-year in Q1. The company’s Consumer business increased 23% annually over the past two years.

The company provided its Q2/22 outlook, expecting revenue in the range of $116-121 billion (up 3% and 7% year-over-year), lower than the consensus estimate of $125.55 billion.

Shares of Amazon were down 13% year-to-date before the after-hours swoon.

By Davit Kirakosyan

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