Posted on Feb 3, 2023
Amazon reports its first unprofitable year since 2014
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https://www.npr.org/2023/02/02/ [login to see] /amazon-reports-its-first-unprofitable-year-since-2014
After a long run of surging profits from pandemic-era shopping sprees, Amazon is feeling the hangover. The retail and tech giant is reporting its first unprofitable year since 2014.
Amazon lost $2.7 billion last year, the company said on Thursday. This was despite holiday-season sales growing 9%. Amazon's shares fell in after hours trading.
By far, the biggest culprit for Amazon's losses over the year was the company's hefty investment in the electric automaker Rivian whose value plummeted last year and ate into Amazon's bottom line.
Amazon had taken a 20% stake in Rivian and has begun rolling out the carmaker's electric delivery vans. Rivian wanted to replicate Tesla's success and held one of the largest initial public offerings in U.S. history. But last year, the exuberance faded, the carmaker made pricing missteps and it fell short of growth targets. Its stock price dropped 82%.
After a long run of surging profits from pandemic-era shopping sprees, Amazon is feeling the hangover. The retail and tech giant is reporting its first unprofitable year since 2014.
Amazon lost $2.7 billion last year, the company said on Thursday. This was despite holiday-season sales growing 9%. Amazon's shares fell in after hours trading.
By far, the biggest culprit for Amazon's losses over the year was the company's hefty investment in the electric automaker Rivian whose value plummeted last year and ate into Amazon's bottom line.
Amazon had taken a 20% stake in Rivian and has begun rolling out the carmaker's electric delivery vans. Rivian wanted to replicate Tesla's success and held one of the largest initial public offerings in U.S. history. But last year, the exuberance faded, the carmaker made pricing missteps and it fell short of growth targets. Its stock price dropped 82%.
Amazon reports its first unprofitable year since 2014
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Posted 1 y ago
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PO1 William "Chip" Nagel
..."In recent weeks, Amazon received a series of citations for safety violations from federal inspectors at the Occupational Safety and Health Administration. This is for six warehouses in Colorado, Florida, Idaho, Illinois and New York.
OSHA officials found Amazon warehouse workers at high risk of lower back and other injuries from twisting, bending and lifting that they perform as much as nine times per minute. The company was expected to appeal, and a spokesperson said the allegations didn't "reflect the reality of safety at our sites."
..."In recent weeks, Amazon received a series of citations for safety violations from federal inspectors at the Occupational Safety and Health Administration. This is for six warehouses in Colorado, Florida, Idaho, Illinois and New York.
OSHA officials found Amazon warehouse workers at high risk of lower back and other injuries from twisting, bending and lifting that they perform as much as nine times per minute. The company was expected to appeal, and a spokesperson said the allegations didn't "reflect the reality of safety at our sites."
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