The company Revenue of $116.4 billion in the first quarter of 2021, up just 7% year over year. That is in stark contrast to the 44% gain it saw this time last year. It was also the slowest quarterly growth the company had seen since 2001, CNBC. Amazon lost $3.8 billion this quarter, its first loss since 2015.
The company attributes the slowdown to a number of factors, including the impact of the pandemic and the war in Ukraine (something many tech companies have cited in recent earnings reports). Of the company In the field of electric car markers, Rivian also accounts for a share of the influence, as the company lost more than $7 billion on investments in the company whose stock in the context of production stagnation.
The report isn’t the first sign that Amazon is struggling to reap its signature huge profits. The company recently raised the price for the first time since 2018, citing increased wages for workers and increased transportation costs. The company also raised prices For the seller 5 percent.
The company has also coped with the wave of organization at its warehouses around the country, though in anti-union consultants. Notably, Amazon CEO Andy Jassy said one of the company’s priorities is increasing “productivity” at fulfillment centers. “Today, as we are no longer pursuing physical or human capacity, our teams are focused on improving productivity and cost effectiveness across our entire fulfillment network.”
Amazon also confirmed that its annual Prime Day Shopping Day is set to July, although it did not provide an exact date.
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