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Amazon post 2Q loss but revenue tops estimates, stock jumps
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FILE - The Amazon logo in Santa Monica, Calif., Sept. 6, 2012. Amazon on Thursday, July 28, 2022, reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher. - photo by AP Photo/Reed Saxon, File
NEW YORK (AP) — Amazon on Thursday reported its second-consecutive quarterly loss but its revenue topped Wall Street expectations, sending its stock sharply higher. The company also said it is making progress in controlling some of the excess costs from its massive expansion during the COVID-19 pandemic. The Seattle-based e-commerce giant lost $2.03 billion, or 20 cents per share, in the three-month period ended June 30, driven by a $3.9 billion write-down of the value of its stock investment in electric vehicle start-up Rivian Automotive.