Amazon reports second loss in a row; stock rally eases slowdown fears

Stock rally eases slowdown fears

Amazon reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher.

The Seattle-based e-commerce giant also said it is making progress in controlling some of the excess costs from its massive expansion during the Covid-19 pandemic.

Amazon lost $2.03 billion, or 20 cents per share, in the three-month period ended June 30, driven by a $3.9 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.

That compared to a profit of $7.78 billion a year ago. It posted a loss of $3.84 billion in this year’s first quarter, its first quarterly loss since 2015, which was also marked by a large Rivian write-down.