Amazon is reporting its first unprofitable year since 2014. The company lost $2.7 billion last year, this was despite holiday-season sales growing 9%.
For Amazon, the loss on its investment comes right when it contends with the need to recalibrate after a pandemic-era upsurge.
During the pandemic, the appetite for online shopping seemed to promise exponential growth, and many believed the habit changes could be permanent. Amazon couldn't hire and built warehouses fast enough; and kept growing. But then people returned to physical stores, switched from cocooning to travel and outings, and eventually got more hesitant to spend as inflation rose.cancellations, closures and delays. Andy Jassy, in a rare Amazon CEO appearance on a quarterly call with investors, said his top priority was cutting costs in the company's operations.
"It's important to remember that over the last few years we took a fulfillment-center footprint that we built over 25 years and doubled it in just a couple of years," he said."We at the same time built out a transportation network, for last mile, roughly the size of UPS. ... Just to get those functional, it took everything we had."
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Amazon expected to post first unprofitable year since 2014 and worst loss since the dot-com bustAmazon reported roughly $3 billion in total losses through the first nine months of 2022, and Wall Street analysts on average are projecting about $2 billion in net income in the holiday season, according to FactSet.
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Amazon stock falls after earnings miss shows worst annual loss on record, least profitable holiday quarter since 2014Amazon reported its least profitable holiday quarter since 2014, leading to the biggest annual loss on record for the company. $AMZN reported a holiday profit of $278 million, or 3 cents a share, up from $1.39 a share a year ago:
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