The e-commerce and cloud giant is bracing for slower growth.
Amazon‘s (AMZN -0.48%) stock fell 8% on Feb. 3 after the e-commerce and cloud giant posted its fourth-quarter report. Its revenue rose 9% year over year to $149.2 billion, which beat analysts’ estimates by $3.4 billion. But its net income plunged 98% to $0.3 billion, or $0.03 per share, and missed the consensus forecast by $0.14. Excluding a $2.3 billion loss from its stake in the electric vehicle (EV) maker Rivian (RIVN -2.78%), Amazon’s net income would still have declined 82%.
For the full year, Amazon’s revenue rose 9% to $514 billion, but it racked up a net loss of $2.7 billion. That marked a major slowdown from 2021, when Amazon’s revenue and net income grew 22% and 57%, respectively.
IMAGE SOURCE: AMAZON.
Read more here: https://www.fool.com/investing/2023/02/09/is-amazon-stock-a-buy-now/
