Ecommerce giant lost $3.8 billion in the first quarter as Americans returned to stores and spent less online.
Amazon reported its first quarterly loss since 2015 on Thursday, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup.Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first three months of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter. Wall Street analysts expected a profit of $8.
Still, the slowdown in online spending is real and broad-based. While in-store sales rose, March is the first month to show decline in online sales since the pandemic began, according to Mastercard SpendingPulse, which tracks spending made over the Mastercard payments network and survey estimates for other payments made with cash and checks.
"Given the pace at which the business grew over the past few years, this shift is hardly surprising, so it represents more of a post pandemic reset than catastrophic failure," Neil Saunders, managing director of consulting firm GlobalData, said in an email.
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