Amazon stocks drop after $4 billion loss

Amazon reported a significant loss in the first quarter of 2022 and sent its stock plunging.

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The tech giant reported a net loss of $3. 8 billion in the first quarter of 2022.

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This is a sharp drop in income from the same period in 2021 when it made an $8.1 billion profit.

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The company attributed the loss to a $7.6 billion loss from investing in Rivian Automotive.

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Amazon invested $700 million in Rivian, an electric automaker. Rivian saw its stock plummet by over 75%.

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Amazon’s shares tumbled by about 10% in extended trading after the surprise report.

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