Amazon announced a $2 billion loss for the second quarter this week. Although the company performed well against expectations for sales, the e-commerce giant also took a massive hit over its large investment in electric truck company Rivian.
The New York Post reports that Amazon recently beat Wall Street estimates for quarterly sales on Thursday, but posted a $2 billion second-quarter loss, compared with a $7.8 billion profit last year. Shares of the e-commerce giant rose by double-digit percentages in Friday morning trading.
Amazon reported $121.23 billion in net sales in the second quarter, compared with analysts’ expectations of $119.09 billion, according to Refinitiv. The company projected net sales between $125 billion