Amazon Stock Price Plummets After Earnings Report
Key Points:
- Amazon's stock price fell 24% in after-hours trading following the release of its earnings report.
- The company reported a loss of $3.8 billion in the first quarter of 2023, its first quarterly loss since 2015.
- Amazon's revenue growth slowed to 7%, its slowest pace in over two decades.
Analysts' Reactions:
Analysts are expressing concern about Amazon's slowing growth and rising costs. Some analysts have downgraded their ratings for Amazon's stock, while others have cautioned investors to be cautious.
Impact on the Market:
Amazon's earnings report has sent shockwaves through the market. The company's stock price decline is weighing on the Nasdaq Composite Index, which is down 1.5% in after-hours trading.
Company's Response:
Amazon has not yet commented on its earnings report or the market's reaction. The company is expected to hold an earnings call with analysts later today.
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