Amazon Posts $2 Billion Quarterly Loss as Rivian Investment Tanks

Amazon Posts $2 Billion Quarterly Loss as Rivian Investment Tanks


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.

Rivian CEO RJ Scaringe (Phillip Faraone /Getty)

Amazon CEO Andy Jassy (Isaac Brekken/AP)

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

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